sexta-feira, 15 de agosto de 2014

Relatos da Ucrânia - VI

 
 
Continuo a insistir na economia ucraniana, ela está num beco sem saída e o país também. Acrescento este artigo que chama a atenção para isso, a este ritmo vamos ter uma implosão em breve, e vem aí o Inverno. A Ucrânia não está a receber gás. Como é que vão ultrapassar a situação? não vão.
 
E o conflito... não parece que esteja para acabar já. Quem vai injectar dinheiro nestas condições?
 
Um artigo que chama a atenção, para o dinheiro que a Ucrânia está a "derreter"... até quando?
 
Ukraine's Currency Hits a New Low
 
Escalating tensions with Russia sent Ukraine's currency tumbling to a record low against the dollar Tuesday, a move that could threaten the stability of the country's banking system and raise the prospect of losses for bondholders.
 
The sharp decline this month ends a period of relative tranquility in the country's financial markets. A mid-April interest-rate increase by the Ukrainian central bank and a $17 billion bailout from the International Monetary Fund later in the month had soothed investor jitters. The bailout was aimed at staving off economic collapse after protests toppled the previous government.
 
But the latest move down for the hryvnia points to investors' growing belief that more financial support will be required. In the past week alone, the currency has lost 6% against the dollar, driven by continued fighting in Ukraine's eastern region and worries that Russia's efforts to provide humanitarian assistance could lay the groundwork for an invasion.
 
A weaker hryvnia increases the burden on Ukraine's economy, boosting the cost of the energy and other imports the country relies on and making it more expensive for the country's government and companies to pay back debt denominated in foreign currencies.
 
[...]
 
The recent fall in the hryvnia is "a significant move," said Steffen Reichold, portfolio manager at Stone Harbor Investment Partners LP, adding that it could lead to a costly recapitalization of Ukraine's banks. "One of the few rules of banking crises is that bank recapitalizations tend to always be bigger than you think at the outset."
 
[...]
 
After intervening to support its currency, Ukraine's central bank says it scaled back its efforts and is committed to a policy of a flexible exchange rate. While answering questions before parliament Tuesday, National Bank of Ukraine Governor Valeria Gontareva said the loan agreement with the IMF prevents the bank from actively supporting its currency. She attributed the latest drop in the hryvnia to panic.
 
After jumping in May thanks to the IMF bailout, Ukraine's foreign-currency reserves resumed their decline in June and fell $1 billion last month, to $16.07 billion, according to the National Bank of Ukraine.
 
The IMF said initial stress tests of the country's banking sector showed Ukraine might need to spend the equivalent of up to 5% of its gross domestic product to stabilize its banks if the hryvnia weakened below 12.5 to the dollar. On Tuesday, the currency traded as low as 13.14 to the dollar.
 
[...]
 
Ukraine's economy was facing a host of economic problems, from wide budget and trade deficits to dwindling foreign-currency reserves, even before tensions with its eastern neighbor ramped up this spring. Some of the biggest Ukrainian companies have recently shown signs of stress.
 
Agricultural giant Mriya Agro Holding on Aug. 1 said it had missed payments on some of its debt and was considering a broader restructuring.
 
[...]
 

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