Ukrainian Deputy Ivan Vinnik: Ukraine Will Inevitably Pass Through a Technical or Controlled Default

Translated by Ollie Richardson & Angelina Siard


The deputy of the Verkhovna Rada from the “Bloc of Petro Poroshenko” Ivan Vinnik stated on the air of “Channel 7” that Ukraine will inevitably pass through the procedure of a technical or controlled default.

“In my opinion, without any strategy of managing the state debt in Ukraine and with the level of economic development that we have today, we will never be able to get out of this debt hole. If to speak in terms of the corporate sector, relations, or, conditionally speaking, business, then it is called technical bankruptcy, and any of its forms involve passing through the procedure of solvency,” said the deputy.

“If to speak about interstate relations, then we can talk about some technical or controlled default. Regardless of how frightening this word might be, we will be forced to pass through this procedure sooner or later, otherwise the Ukrainian economy will never be able to become competitive. It is an abnormal situation when Groisman suggests to use 40% of the income into the state budget to repay or service the national debts,” said Vinnik.

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