Lending to Ukraine is like lending to an alcoholic, drug addict, gambler…the IMF will never see that money back ever again.
Scratch that…US and EU taxpayers will never see that money back again.
Via Sputnik News Agency…
The International Monetary Fund board of directors will meet in early December to discuss changing the crediting rules to permit the sovereign debt default of the debtor, a source said.
“[The meeting]is scheduled for early December,” the source told RIA Novosti.
The source did not elaborate on the date, only adding that it was not final and the meeting had previously been postponed.
The IMF has been discussing the reform for over five years, but the acceleration of discussions on the issue is likely to be linked to the possibility of Ukraine defaulting on the Russian debt.
Ukraine’s debt amounts to $70 billion of which some $40 billion the country owes to international money lenders. Of that amount, Ukraine owes Russia $3 billion and is required to pay it back by the end of 2015.