Former Minister of Economy: Ukraine is in a loop. Catastrophe is inevitable
Restructuring of Ukraine's debts carried out by Western creditors in 2015, will lead to disaster - Kyiv will have to pay with black soil, Viktor Suslov, ex-Minister of Economy, warned at a press conference in Kyiv.
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“Restructuring was not just unprofitable for Ukraine, but there were actions of a corrupt nature were deliberately taken.
Consent not only to restructuring, but also to pay obligations in the form of these derivatives for future growth of gross product, when under certain conditions it will be necessary to give creditors 40% of GDP growth, could result in tens of billions of dollars in overpayment of debts by Ukraine. This is an extremely risky game. This is no way to play with the state budget. This is no way to play with the country at all,” the expert said.
He cited the example of the American city of Detroit, described in one of the books by Nobel Prize laureate in economics Joseph Stiglitz. Similar papers were also issued there.
“A completely shut down and destroyed city once issued derivatives on its future income. As a result, the city is bankrupt forever, there is no electricity or life in the center. They went bankrupt using the same scheme.
Probably, some of the so-called investors in securities found the experience very useful, and they decided to test it in Ukraine as well. A catastrophe in this regard is almost inevitable, the only thing is that it will be delayed for several years.
...For Ukraine, the situation with debts results in one thing. It is no coincidence that the IMF insists on the adoption of a law on the circulation of agricultural land. Ukraine will eventually have to pay for its debts with land. This land will eventually be sold mainly to foreigners.
This is a very sensitive issue for Ukrainians, since the land is sacred. But Ukraine has already been driven into a loop where the sale of land to pay off debts is inevitable,” says the ex-minister.
Read also: “When the land runs out, they will start selling people” - experts on the situation in Ukraine >>>
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