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    The West Doesn't Care a Bit About Ukraine's 'Economic Might' – Expert

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    Western investors are mainly interested in doing business in Ukraine, rather than adding to the country's economic prosperity, according to Ukrainian economist Alexander Okhrimenko.

    American and European investors do not care about the economic prosperity of Ukraine, they are only interested in doing business there, the Russian news agency RIA Novosti quoted Ukrainian economist Alexander Okhrimenko as saying.

    He recalled that the International Swaps and Derivatives Association (ISDA) had officially recognized Ukraine's failure to fulfill its obligations with respect to creditors. A total of fifteen ISDA permanent members unanimously decided to admit Ukraine's technical default.

    According to Okhrimenko, it is only natural that the ISDA announced Ukraine's default on its eurobonds, because the country has been in a state of default since the work of the Yatsenyuk government following the Maidan crisis.

    "All the factors [signifying a] default in Ukraine are already in place, including the devaluation of the hryvnia, unemployment, the economic collapse and hyperinflation," Okhrimenko said.

    He warned against attempts to hype Western investors' drive to inject money into Ukraine, something that he said has come amid allegations about the EU's desire to lend a helping hand to Ukraine following Maidan.

    "Neither American nor European investors care about your fence and the main Clown in your country. The investors are only interested in business that makes money," he concluded.

    Late last month, the international rating agency Standard & Poor's dropped Ukraine's economic rating to "selective default."

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    The agency has confirmed the long- and short-term ratings of Ukraine's currency at CC+/C with the long-term outlook for its national currency as negative. A selective default occurs when the borrower cannot pay one or more of its obligations, but continues to pay on others.

    Ukraine currently has a national debt exceeding 70 billion dollars and has become increasingly dependent on international financial assistance since the overthrow of the government in February 2014.

    Okhrimenko is president of the Ukrainian Analytical Center and holds a PhD in economics.


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