Money Pit: Zelensky govt signals intent to default on tens of billions in foreign debts

Western governments have allocated well over $100 billion to prop up Ukraine in its war against Russia, with countless billions more flooding into the country at an increasing pace.

As each day passes, it's becoming more and more clear that all of the money awarded and assigned to Ukraine continues to dissolve into a black hole of secrecy, corruption, deceit, and now, default.

On Wednesday, Ukraine finance ministry asked foreign creditors to accept a delay in its debt repayments, requesting a two year freeze on billions of dollars in Eurobonds.

Per the Financial Times, "a rescheduling would amount to a Ukrainian default" on Kiev's tens of billions in foreign debt.

Although western financial support has increased since May, Kyiv is still counting on Ukraine's central bank to buy its debt by selling foreign reserves or printing money, at the risk of setting off an inflationary spiral https://t.

Co/1RjuDJun7X. - Financial Times July 19, 2022 The news comes just one day after the EU ambassador to Kiev insisted that Ukraine would not default on its foreign debt.

In addition to the government as a whole, Ukraine's state-owned infrastructure and national energy companies have also announced their intent to default on international bonds.

http://ronpaulinstitute.org/archives/featured-articles/2022/july/21/money-pit-zelensky-govt-signals-intent-to-default-on-tens-of-billions-in-foreign-debts/