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On December 18, 2015, the government of Ukraine announced it had no intention of honoring a $3 billion Eurobond loan owed to Russia that would mature on December 20. Given the cross-default clause written into that bond, under British law, this was a momentous decision. It gave the Kremlin the right to have Ukraine declared in sovereign default, which would have pr...
Professor Stefan Hedlund
At the end of November, the International Monetary Fund (IMF) announced that from October 2016 the Chinese yuan will be part of the basket of currencies that defines the Special Drawing Right (SDR), the accounting unit the organisation uses to carry out financial operations. The immediate practical effects will be minor. Being part of a unit of account means all bu...
Professor Enrico Colombatto
Financial markets did not react well to the Federal Reserve’s decision in September to keep interest rates stable. Presumably, investors were worried that China’s slowdown is more serious than anticipated, and that the Fed has well-founded concerns about the outlook for the American and European economies.
With billions of dollars of foreign aid coming its way, Ukraine's government can now stay afloat – for the time being. However, it now relies on the cash-strapped West to turn around its tattered economy, rebuild what has been destroyed, and restructure what remains. Critics question how long this can last and if the aid to Ukraine just plays into Russia’s hands - ...
Eurozone finance ministers and the International Monetary Fund failed to agree on delivering the next tranche of bailout money to save Greece’s economy from bankruptcy. The Greek government is more fragile than ever with a wafer thin majority and at all-time low poll ratings after scraping through the latest austerity measures.