Ukraine Versus the Vultures

In an op-ed for Project Syndicate, Ngaire Woods and Taylor St John warn that the many investment treaties Ukraine has ratified may create problems for the country if and when it attempts to reschedule its sovereign debt. These treaties could allow bondholders to pursue individual claims in international arbitration hearings, a long and costly process that could make and orderly debt restructuring impossible. Woods and St John call on the US and Ukraine to renegotiate their bilateral investment treaty to explicitly exclude sovereign debt, which would obviate this problem.

The article can be read in full on the Project Syndicate website here.

The article has also been published in France's Le Monde, South Africa's Business Day Live, and on the World Economic Forum's blog.