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Centre for Commercial Law Studies

Ukraine faces key test on debt freeze plan in bid to avoid messy default

Professor Rodrigo Olivares-Caminal was featured in the Daily Mail discussing Ukraine's debt.

Ukrainian flag

Ukraine's creditors vote this week on a government proposal to defer payments on the war-torn country's international bonds for 24 months as Kyiv hopes to swerve a $20 billion messy default.

The two-year moratorium on external debt payments would allow Ukraine to avoid a contractual or legal default, Rodrigo Olivares-Caminal, Professor of Banking and Finance Law at Queen Mary University of London said.

He added: "A contractual default, a credit event and a credit rating default are three different albeit related concepts. Incurring any of the three doesn't mean that the other two will trigger."

Read the full article on the Daily Mail.

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