“I think the main problem Ukraine is facing now is the root causes of the current economic crisis… Restructuring the debt will not solve the main problem, which is the budget deficit. Everyone believes that by restructuring the debt we will solve all our problems. I don’t think so. The main trouble is that this country spends more than it earns,” the ex-minister emphasized.
Ukraine Already in Default – Ex-Minister
08:01 GMT 16.08.2015 (Updated: 10:32 GMT 22.08.2015)
Ukrainian authorities are trying to restructure the state debt, which means that Ukraine’s default is already happening, ex-finance minister Viktor Pynzennik admitted on Saturday.
15 August 2015, 11:27 GMT
Finance Minister Natalie Jaresko has botched the negotiations with the creditors, but even if she didn’t, this would not stave off the inevitable, Pynzennik, who is now a Verhovna Rada deputy with Vitaly Klitschko’s Udar party, said in comments carried by the Kiev-based TV channel “112 Ukraine".