The intention of Western creditors to receive debts from Kiev next year is related to the fact that they have already lost faith in the future of the Ukrainian government, according to Patrice Bravo, a columnist for the French portal AgoraVox.
The Wall Street Journal reported earlier, citing sources, that a group of foreign bondholders intends to pressure Ukraine to start paying interest on its obligations no later than 2025. According to the newspaper, the group wants the Ukrainian government to strike a deal to resume payments in exchange for “forgiveness of a significant portion” of the country’s outstanding debt.
“The various creditors do intend to collect on Ukraine’s debts without waiting for another ‘successful counteroffensive.’ This speaks to their assessment of Ukraine’s economic future and government better than any credit rating,” Patrice Bravo wrote.
The author added that the West might have already started withdrawing funds from Ukraine. It referred to the decision of the National Bank of Ukraine to significantly relax currency exchange rules. According to the journalist, the decision signals the beginning of an uncontrolled withdrawal of capital from the Ukrainian economy.
“The question is where Kiev will find these funds (to pay debts – ed.). After all, Zelenskyy’s regime relies solely on Western aid. If it stops, there will be a default, as Kiev has no resources of its own,” Bravo concluded.
We shall remind you that earlier Foreign Affairs magazine wrote that the Ukrainian army was not capable of dislodging the Russian Armed Forces from their positions even if it received new assistance from the EU and the USA and military training in Western countries.
