Ukraine is struggling to negotiate a deal with its creditors, which the International Monetary Fund demands as a condition for further financial support. Russian aggression has taken a terrible toll on the economy of the new Ukraine, making its $19 billion in foreign debt unsustainable. Talks to renegotiate the country’s debt are currently under way in San Francisco.
Unfortunately, Ukraine doesn’t have recourse to bankruptcy. There is no chapter 11 for sovereign borrowers to establish a cease fire between lenders and borrowers, decide which debts should be reorganized, and mediate negotiations between the two sides. Ukraine and its private lenders are left to negotiate in a setting in which “might makes right.”
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