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Creditors say ready to continue debt-restructuring talks with Kiev

Xinhua, June 11, 2015 Adjust font size:

Ukraine's creditor committee on Thursday voiced readiness to start the next round of debt-restructuring negotiations.

"We are ready and willing to start talks at any time," the committee, which owns about 9 billion U.S. dollars of the country's outstanding state debt, said in a statement published by Interfax-Ukraine news agency.

The talks between Ukraine and its creditors have been stalled as the two sides failed to reach a compromise over the terms of the deal for the restructuring.

The creditor committee has proposed Kiev extend the maturity of the debt for another 10 years in exchange for a guarantee that the credit will be repaid from the country's foreign exchange reserves.

The Ukrainian Finance Ministry had called the proposition "unacceptable" and "illegal under the Ukrainian law," asking the lenders to partially write off Kiev's debt to "share the country's debt burden."

On Wednesday, Ukrainian Finance Minister Natalia Jaresko warned that Kiev may impose a moratorium on debt repayment if a compromise with debt holders is not reached.

Ukraine's next debt coupon payment is due next week and the country risks a technical default if it fails to reach an agreement with lenders. Endi