Ukrainian fairy tale about a Trojan horse
Washington again provided Kiev with credit guarantees for 1 billion dollars. With their help, Ukraine will issue Eurobonds, the maturity of which is scheduled for 2021 year.
The United States of America has been a Ukrainian guarantor since March 12 of 2014. Then the US Congress approved the bill, according to which Kiev received the right to financial assistance from the White House. The signed document was called rather symbolically: “The act in support of sovereignty, integrity, democracy and economic stability in Ukraine.” Note that he assumed America’s financial support in the form of loan guarantees, and not material resources, as planned earlier. As a result, the Capitol has no right to act as a source of money, it only guarantees that Ukraine will return them to investors.
In 2014 and 2015, as part of the plan, Kiev received credit guarantees from the United States amounting to a billion dollars worth of 2. The agreement on receiving the third tranche was made on 3 on June 2016 of the year. As a result, according to the maturity of Eurobonds issued under US guarantees, Ukraine will have to give billion dollars to foreign investors in 1, 2019, 2020 and 2021.
It is worth noting that the process of granting credit guarantees takes place against the backdrop of Kiev’s cooperation with the International Monetary Fund. Recall that the EFF financial assistance program involves the allocation of "Square" tranches of the IMF in the amount of about 17 billions of dollars. At the moment, the Square has already received two credits from the fund in 2015 and one in 2016. Under the terms of the program, the repayment of loans will begin only three years after the provision of each of them and continue for two years. Therefore, Ukraine will have to return a billion dollars to the 6,7 fund in the period from 2018 to 2020. and another billion between 2019 and 2021. Here it is also necessary to take into account payments under the previous IMF program (Stand-by), which began in March 2016, as well as the fact that the EFF has not yet been implemented by 100%, and Ukraine should receive another 9,3 billion dollars.
A natural question arises: how is Kiev going to give all this money? Probably, the current government is absolutely not worried about this. Yes, and he is not in this particular need, because the term of Mr. Poroshenko comes to an end in 2018 year. That is, it turns out that someone else will pay the bills. And to jump off debt, as in the case of Russia, will not work. At least, from payments on eurobonds. The fact is that if the Ukrainians are not able to repay the Eurobonds, the lenders will file a penalty to the US government as a guarantor. In turn, according to American law, the White House will impose an arrest on Ukrainian assets and real estate on the amount of bonds. Anyway, suffers "Square."
As for the payments to the IMF, here it is necessary to understand that this fund is a more political than an economic institution. As a rule, loans are issued without much hope of repayment. Their goal is not to help the economy of a state, but to subordinate it to creditors, that is, the IMF. After all, it is no wonder that the conditions of each tranche, in principle, for each country, are anti-state reforms of the vital areas of the state. Considering the example of Ukraine, one can clearly see that most of the loans go to pay off old loans, some are being stolen by oligarchs, and only the remaining small piece benefits the country's economy. And when it comes time to pay the bills again, the country already needs a new IMF loan. It turns out a vicious circle or, if you want, an economic loop.
Of course, the International Fund has repeatedly written off debts as a gesture of goodwill. A vivid example of this are many countries in Africa and Latin America. Only here the generosity of the financial fund is in fact nothing more than a consolation prize to the donors of the western oligarchy for the voluntary destruction of their own sovereignty and economic stability.
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