The latest developments regarding Ukraine’s debt restructuring, including a law passed by parliament today which allows the government to renege on payments if needed, are themselves of little significance. But they do indicate that both parties are upping the ante ahead of next month’s deadline for a restructuring deal. As we see it, it is in both parties’ interest to secure a deal, but it looks like negotiations will go right down to the wire and there is a significant risk of an altogether messier outcome.
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