He recalled that the International Swaps and Derivatives Association (ISDA) had officially recognized Ukraine's failure to fulfill its obligations with respect to creditors. A total of fifteen ISDA permanent members unanimously decided to admit Ukraine's technical default.
#ISDA unanimously adopted a decision on the recognition of default in #Ukraine http://t.co/uqP0pF89uP pic.twitter.com/2VfasE9Lb6
— Victor Kuhnovets (@vicktop55) 4 октября 2015
According to Okhrimenko, it is only natural that the ISDA announced Ukraine's default on its eurobonds, because the country has been in a state of default since the work of the Yatsenyuk government following the Maidan crisis.
"All the factors [signifying a] default in Ukraine are already in place, including the devaluation of the hryvnia, unemployment, the economic collapse and hyperinflation," Okhrimenko said.
He warned against attempts to hype Western investors' drive to inject money into Ukraine, something that he said has come amid allegations about the EU's desire to lend a helping hand to Ukraine following Maidan.
"Neither American nor European investors care about your fence and the main Clown in your country. The investors are only interested in business that makes money," he concluded.
Late last month, the international rating agency Standard & Poor's dropped Ukraine's economic rating to "selective default."
Ukraine currently has a national debt exceeding 70 billion dollars and has become increasingly dependent on international financial assistance since the overthrow of the government in February 2014.
Okhrimenko is president of the Ukrainian Analytical Center and holds a PhD in economics.
