The scale of the package of financing for Ukraine announced this morning should be adequate to cover financing needs for a couple of years and will remove an element of uncertainty surrounding the balance of payments and the health of the banking sector. But this is likely to be accompanied by a restructuring of public sector foreign currency debts, which limits the scope for a rally in the bond market. And while it’s good news that a ceasefire in the east has been announced, this is likely to remain extremely fragile.
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