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Where there is no law, but every man does what is right in his own eyes, there is the least of real liberty
Henry M. Robert

The Government Decided to Put the Debt Pyramid Construction Back in Order

13 October, 1998 - 00:00


The Cabinet of Ministers and the Ministry of Finance have formed
UkrSpetsfin, the Ukrainian Specialized Financial Enterprise.


 

The purpose of the enterprise is a good one: to pay off tax debts to
the budget by introducing other financial methods, alternatives to mutual
write-offs, and bills of exchange issued by enterprises-debtors, including
received foreign loans under government guarantee.

The United Energy Systems of Ukraine established back in its time a
system of mutual write-offs and services between cooperating enterprises.
The corporation managed to make good money out of that because it was based
on financial motivations for the members and non-members of the corporation,
and performed with  miraculous flexibility and operational velocity.
Apparently the laurels of the UESU bother our Financial Ministry.

However, The Day experts point out that this state institute
has already successfully ruined the financial pyramid of domestic bonds.
And one of the top-level state officials who was responsible for international
debts is reported to have moved away from Ukraine, now working for the
foreign company which he gave permission to finance Ukraine back in time.
And a new organization has been formed to deal with domestic bonds selling
everywhere. Can it, however, happen that the debt streams will flow out
of the budget, instead of flowing in?

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