Fishy Business

It seems IMF gave Ukraine the benefit of the doubt. While the country may face default, the International Monetary Fund's board of directors have voted to reform lending policies in order to allow countries to borrow money even if they default on their obligations to bilateral creditors.

The reform allows the IMF to proceed with Ukraine's bailout program even after a potential default by Kiev on its $3-billion debt to Russia, which is required to be paid back by the end of 2015.

Ukraine’s debt amounts to $70 billion of which some $40 billion the country owes to foreign money lenders.