Ukraine Creditors Fire Opening Salvos Before Restructuring Talks
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If previous restructurings are anything to go by, the eventual deal between Ukraine and the holders of its debt is going to look quite different to the opening positions of either party.
Greek bondholders ended up accepting a 53.5 percent reduction on their principal in February 2012, seven months after agreeing to a 21 percent writedown. State-controlled Dubai World reached a second restructuring of $14.7 billion of debt this year after cutting coupons and extending maturities in 2011 and failing to reach a standstill in 2009. Argentina is still feeling the repercussions of the take-it-or-leave-it approach that it adopted in 2005.