01:56 GMT +319 December 2018
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    Protesters burn tires during a rally supporting a law on the restructuring of foreign currency loans in front of the Ukrainian Parliament in Kiev on May 21, 2015

    Ukraine Already in Default – Ex-Minister

    © AFP 2018 / YURIY KIRNICHNY
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    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.

    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".

    “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.

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    Tags:
    budget deficit, default, debt restructuring, Ukrainian Democratic Alliance for Reform (UDAR), Verhovna Rada, Ukrainian Finance Ministry, Vitaly Klitschko, Natalie Jaresko, Viktor Pynzennik, Ukraine
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