Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Display:

16m ago

Ukraine's new prime minister Arseniy Yatseniuk claims $70bn have been stolen from state coffers over the past three years. He is quoted by Interfax Ukraine as saying:

    About $70bn has been withdrawn from Ukraine's financial system to offshore accounts over the last three years. Now it's clear that they withdrew the funds that were raised as loans under state guarantees and [they were] stolen by representatives of the previous government.


Great!Then they can talk to their friends /western bankers (money must be there, where else?) and get that money back taken from those oligarch (including their own)who in did still the money.That is an easy solution...I suppose...  

Science without religion is lame, religion without science is blind...Albert Einstein
by vbo on Thu Feb 27th, 2014 at 09:45:14 AM EST
http://www.theguardian.com/world/2014/feb/27/ukraine-pro-russian-gunmen-seize-crimea-parliament-live -updates

Science without religion is lame, religion without science is blind...Albert Einstein
by vbo on Thu Feb 27th, 2014 at 09:46:23 AM EST
[ Parent ]
So if RBS paid £588m in bonuses after losing £8.24bn just imagine the size of the bonuses Ukraine will pay....
by gk (gk (gk quattro due due sette @gmail.com)) on Thu Feb 27th, 2014 at 10:39:43 AM EST
[ Parent ]
Seizing evidence of the withdrawals could have been the an objective of the 'masked men' referenced above. If the present Ukrainian government has convincing evidence that Western loans were converted to private wealth by Ukrainian officials that would be a prima facie basis for a claim of odious debt. But, considering that a very substantial portion of all money ever 'lent' to governments in emerging countries has almost certainly ended up in the pockets of corrupt officials and yet prosecutions of such actions are almost unheard of, don't hold your breath.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Thu Feb 27th, 2014 at 08:01:39 PM EST
[ Parent ]
I thought the US was the only country that could claim odious debt. This follows by the view, attributed by Mark Twain to a retired army officer (in Vol 2 of his new autobiography, p.226) that
We are of the Anglo-Saxon race, and when the Anglo-Saxon wants a thing he just takes it.
by gk (gk (gk quattro due due sette @gmail.com)) on Fri Feb 28th, 2014 at 01:56:27 AM EST
[ Parent ]
That is certainly consistent with an absence of claims. Saddling individuals and countries with debt is a long term form of taking and those who imposed them are certainly not going to accept that they are odious, regardless of the circumstances. But that is the attitude of almost all financial elites, regardless of ethnicity.
 

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Fri Feb 28th, 2014 at 04:06:45 PM EST
[ Parent ]

Display:

Top Diaries

Occasional Series