About time

摘要

Ukraine's officials are at last acknowledging what any rational investor realised long ago: the country is insolvent and needs to undertake a hard restructuring of its debt to fill a US$15bn funding hole. On Friday, the country's finance minister told investors that the process would involve a mix of maturity extensions, coupon reductions and haircuts to principal. Interestingly, state-owned company debt will also be included in the restructuring.