Ukraine’s default expected on July 17

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July 8, 2015

Ukraine’s default expected on July 17

By Andrey Kurpskiy

Translated from Russian by J.Hawk

On the internet there appeared a video recording of an SMS exchange among Verkhovna Rada deputies during the July 2 session. The deputies were discussing the upcoming default and the means of preserving their monetary savings following the sharp devaluation of the hryvnia. According to the NBU deputy chair Yu.V. Poluneyev, July 17 is the most likely date for Ukraine’s default.

The NBU also considers the hryvnia’s expected drop to 45-60/1 USD exchange rate within 3-5 days after the default a “positive thing”.

The participants in the discussion, one of whom was Poroshenko Block deputy Sergey Leshchenko, came to the conclusion that there only a few possible ways of preserving savings, including buying dollars and investments in securities. Deputy Andrey Antonishchek (Poroshenko Block) put his money into shares of Russian (!) industrial giants Uralkaliy and FosAgro.

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