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Opinion
Leonid Bershidsky

Ukraine's Debt Deal Is a Draw

Creditors lost practically nothing, and major problems are unsolved.
Ukraine's Finance Minister Natalie Jaresko has plenty on her mind.

Ukraine's Finance Minister Natalie Jaresko has plenty on her mind.

Photographer: Yuriy Kirnichny/AFP/Getty Images

The debt restructuring that Ukraine has agreed with its private creditors has all the hallmarks of a win-win: The government can boast of persuading investors to accept a haircut, while the creditors can congratulate themselves on losing practically nothing in reality.

Yet the five-month negotiations -- the equivalent of a hard night out clubbing that ends with a chaste kiss -- will do little for Ukraine. Indeed, the outcome doesn't even meet the International Monetary Fund's demand that Ukraine should save $15.3 billion on its debt costs.