No reason to declare default in Ukraine - Tymoshenko

No reason to declare default in Ukraine - Tymoshenko

Ukraine's default should not be allowed in any case as there are no preconditions for this, Batkivshchyna Party leader Yulia Tymoshenko has said.

She said this at a briefing after the conciliation council of the leaders of parliamentary factions and groups on Monday, according to a report posted on the party's website.

"It should not be allowed in any case and under any circumstances that default is declared in Ukraine. This means a loss of confidence of all investors around the world in Ukraine for many years. No one can predict the hryvnia exchange rate. The exchange rate of the national currency usually plummets during default. This already means complete impoverishment of people, because in dollars they will receive again two or three times less," the politician said.

Tymoshenko also noted that "default means a complete destabilization of Ukraine's entire life, and this is an economic decay that will last for years."

In addition, the Batkivshchyna leader emphasized that the issue of default is not the issue of the president of Ukraine, but the issue of the government and the National Bank of Ukraine (NBU). At the same time, she stressed that Ukraine has a balanced budget that envisages funds for repayment of debts and repayment of interest on borrowings, she added.

"There are no preconditions for default! There can be no default in Ukraine if nobody resorts to any adventures that are incompatible with the normal life of the country," Tymoshenko said.

Ukrainian oligarch Ihor Kolomoisky said in an interview with the Financial Times that in relations with international lenders, Ukraine should follow the example of Greece and Argentina and declare default. Since payments on external debt will reach the maximum this and next year, Kolomoisky stressed that Ukraine has nothing to fear if it declares default.


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