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.
