10:12 22.06.2015

Jaresko in New York: all categories of Ukraine's creditors treated equally

2 min read
Jaresko in New York: all categories of Ukraine's creditors treated equally

Ukraine treats $3 billion 2015 eurobonds bought by Russia's National Wellbeing Fund as any other eurobond debt, and its goal is to have a collaborative arrangement with all the creditors, according to Ukrainian Finance Minister Natalie Jaresko.

"I believe firmly in inter-creditor equity and fair treatment, equal treatment amongst categories and groups of creditors," she said during a video conference at the Ukrainian Investment Day event organized by Concorde Capital in New York on June 19.

"Frankly speaking, we're trying to do this in a collaborative fashion. The reason we're current on our debt obligations today is because we're trying to show that this is our preferred route. Of course, at some point if our colleagues and our creditors are not collaborative, then I won't be able to continue ad infinitum with making payments. The financial situation of the country doesn't allow for that. But as of today our goal is to have a collaborative arrangement with all the creditors in the perimeter of the operation," she added.

Jaresko said she did not believe that Russia might block the debt restructuring.

"Practically speaking, I don't believe that they are in the position to block, but certainly they have ability to complicate things. Any large holder has that ability. And that is indeed something that we have to look at," she said.

"At this time we don't see any such instrument available to us," she added.

As was reported earlier, the debt operation covers $23 billion in overall foreign commercial debt.

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