IMF mission in Ukraine: problems and prospects Shyposha Katerina.

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Presentation transcript:

IMF mission in Ukraine: problems and prospects Shyposha Katerina

Sovereign debt crisis is not a new phenomonon: Russia → sovereign debt default; Argentina – fails to pay off its debts; Investment bank Lehman Brothers - bankrupt → a huge impact on the world banking system sovereign debt crisis 2010 Russia → sovereign debt default; Argentina – fails to pay off its debts; Investment bank Lehman Brothers - bankrupt → a huge impact on the world banking system sovereign debt crisis 2010

major infrastructural projects public welfare schemes The borrowed capital How the sovereign debt crisis emerges: In theory In practice The debt is payable in a currency other than the debtor’s currency →the sovereign debt crisis can emerge.

Greece, Ireland, Spain, and Portugal rising governmental debt levels humongous government deficits European fiscal crisis Greece, Ireland, Spain, and Portugal rising governmental debt levels Greece, Ireland, Spain, and Portugal rising governmental debt levels Greece, Ireland, Spain, and Portugal humongous government deficits rising governmental debt levels Greece, Ireland, Spain, and Portugal humongous government deficits rising governmental debt levels Greece, Ireland, Spain, and Portugal

long term fiscal consolidation measures NEEDED European countries (Spain, Greece etc) bond yield spreads risk insurance on credit default swaps

Current data: sovereign debt: % of world GDP; 2009 – 85 % of world GDP. average fiscal deficit has also increased sharply by no less than 1%.

Factors of influence: social safety nets; unprecedented banking crisis; severe decline in output; falling tax receipts; fiscal stimulus measures; bank rescues; increased government spending.

Measurers to be assumed: reform process needs to be stepped up; growth must be provided right impetus; deficits must be reined; liquidity needs to be maintained; investor confidence must be restored.