Ukraine: the invasion of capital

Imagen tomada de Translator without Borders.

Michael Roberts Blog

Last week, Ukraine’s foreign private creditors agreed to the country’s request for a two-year freeze on payments on about $20bn of foreign debt.  This would enable Ukraine to avoid defaulting on its overseas borrowings.  Unlike other ‘emerging economies’ in debt distress, it seems that foreign bondholders are happy to help Ukraine out – if only for two years.  The move will save Ukraine $6bn over the period, helping to reduce pressure on central bank reserves, which slid by 28 per cent year-to-date, despite significant foreign aid.

Ukraine’s economy is, not surprisingly, in a desperate state. Real GDP is projected to decline by more than 30% in 2022 and the unemployment rate is at 35% (Constantinescu et al. 2022, Blinov and Djankov 2022, National Bank of Ukraine 2022). “We are grateful for the private sector support of our proposal in such terrible times for our country,” responded Yuriy Butsa, Ukraine’s deputy…

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Colonias, semicolonias, países dependientes

A raíz de las notas sobre la guerra en Ucrania me han preguntado por la diferencia, establecida por Lenin, entre colonia, semicolonia y país dependiente. Dedico esta entrada a esta cuestión, que está vinculada a la problemática de la llamada liberación nacional (lo he tratado también en Economía Política de la dependencia y el subdesarrollo, […]

Colonias, semicolonias, países dependientes

Ukraine-Russia: like an earthquake

“The war in Ukraine is like a powerful earthquake that will have ripple effects throughout the global economy, especially in poor countries”.  That’s how IMF chief Kristalina Georgieva described the impact of the war on the world economy.  Nobody can be sure of the magnitude of this quake but even on the most optimistic view, […]

Ukraine-Russia: like an earthquake

Russia: from sanctions to slump?

The economic war between the US-led NATO group and Russia is hotting up alongside the real war in Ukraine itself.  In response to the invasion of Ukraine by Russia, the US and Europe have upped the ante in imposing economic sanctions. The first of these was the suspension of any dealings with several leading Russian […]

Russia: from sanctions to slump?