Ukraine: Fascist Dictatorship, Deadbeat Borrower

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Ukraine: Fascist Dictatorship, Deadbeat Borrower
by Stephen Lendman
Kiev’s US-installed, Nazi-infested putschist regime represents the reemergence of fascism in Europe’s heartland for the first time since WW II.
It’s run by a criminal gang of miscreants, headed by a billionaire oligarch crook and rogue prime minister. Both belong in prison, not high office.
Its regime imposed a moratorium on repaying its $3 billion eurobond debt obligation to Russia. Prime Minister Arseny Yatsenyuk announced it at a Friday cabinet meeting – duplicitously saying:
“Considering that Russia has refused, despite our efforts, to sign an agreement on restructuring and to accept our proposals, the cabinet is imposing a moratorium on payment of the Russian debt worth $3 billion. (It’s halted) until we make restructuring proposals or a relevant court decision is made.”
Russian upper house Federation Council International Affairs Committee chairman Konstantin Kosachev blasted Kiev’s decision, saying:
“According to IMF rules, a moratorium by the Ukrainian government on the $3 billion debt repayment to Russia (constitutes) a declaration of Ukraine’s default.”
On Wednesday, the IMF declared Ukraine’s Russian debt as official and sovereign, no restructuring justified.
Kiev also halted debt repayments owed Russian banks. “The government is imposing a moratorium on the $507 million debt payment to Russian banks of two Ukrainian companies Yuzhnoe and Ukravtodor. From today all payments are suspended,” Yatsenyuk blustered.
Yesterday, Ukraine’s finance ministry headed by US transplant Natalya Yaresko, a shady figure with a disreputable background, ludicrously said Kiev “remains committed to negotiating in good faith.”
Russia offered $1 billion annual repayment terms of what it’s owed for the next three years – instead of all at once as originally stipulated. It wasn’t accepted.
Putin instructed his Finance Ministry to file a lawsuit for repayment if Kiev doesn’t fulfill its financial obligation within 10 days of the December 20 deadline.
Russia bought $3 billion worth of Ukrainian bonds from the democratically elected Yanukovich government. Putschists running the regime intend to default – with full US support and encouragement.
Economist Michael Hudson explained the IMF changed its rules for Ukraine. Earlier this month, “it made a radical decision to dismantle the condition that had integrated the global financial system for the past half century,” he explained.
Nations in financial arrears to others can’t qualify for an agency loan. Ukrainian fascists are getting special treatment afforded no other countries. For sure, US dirty hands are involved.
“(T)he IMF joined the New Cold War,” said Hudson – potentially heading toward turning red hot. The agency agreed to loan money to a financial deadbeat, changing its longstanding rules – Kiev unable or unwilling to honor its debt obligations.
Illegitimate oligarch president Petro Poroshenko wants IMF funding “to step up his nation’s civil war with the Russian-speaking population in” Southeastern Donbass, Hudson explained.
The US-controlled IMF is in bed with Europe’s most extremist regime – run by fascist kleptocrats, stealing the nation blind for their own self-enrichment, waging war on their own people, wanting only to live free under democratic governance.
Hudson quoted Kiev saying it “only enforce(s) debts owed in US dollars to US allies” – Washington’s latest scheme to punish nations not subservient to its dollar hegemony.
Russia, China and other countries are increasingly freeing themselves from this bondage. According to Hudson:
“The mirror-image response would be for the new Asian Development Bank to announce that countries that joined the ruble-yuan area did not have to pay US dollar or euro-denominated debts. That is implicitly where the IMF’s break is leading.”
Stephen Lendman lives in Chicago. He can be reached at lendmanstephen@sbcglobal.net
His new book as editor and contributor is titled “Flashpoint in Ukraine: US Drive for Hegemony Risks WW III.”
Visit his blog site at sjlendman.blogspot.com
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Stephen Lendman
Stephen Lendman
Stephen Lendman was born in 1934 in Boston, MA. In 1956, he received a BA from Harvard University. Two years of US Army service followed, then an MBA from the Wharton School at the University of Pennsylvania in 1960. After working seven years as a marketing research analyst, he joined the Lendman Group family business in 1967. He remained there until retiring at year end 1999. Writing on major world and national issues began in summer 2005. In early 2007, radio hosting followed. Lendman now hosts the Progressive Radio News Hour on the Progressive Radio Network three times weekly. Distinguished guests are featured. Listen live or archived. Major world and national issues are discussed. Lendman is a 2008 Project Censored winner and 2011 Mexican Journalists Club international journalism award recipient.