IMF puts itself in a fix as it bends rules to bail out Ukraine
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 precluded further financing from the International Monetary Fund (IMF). This, in turn, would have led to state failure.
At least that is what would have happened, if long-accepted rules had still applied. But that is no longer the case. Just as the Kremlin has demonstrated it can ignore treaties regarding national sovereignty ...
- Report is targeted to the decision makers in cross country manufacturing – suppliers, manufacturers, logistics.
- Also considered useful for the administrative university facilities, to better understand the possible effects of current decisions.