1. Ukrainian Prime Minister Arseniy Yatsenyuk arriving at Cabinet meeting
2. SOUNDBITE (Ukrainian) Arseniy Yatsenyuk, Ukrainian Prime Minister:
"For six months our team lead by the finance minister have directly negotiated with creditors. Over the last five years, not by us, nearly 40 billions of US Dollars were borrowed. This (debt) is unreal for the Ukrainian budget and to every citizen of Ukraine. Not many people expected that Ukraine will successfully complete their negotiations with external creditors. So the default, expected by our enemies, will not happen."
3. Mid of ministers
4. Cabinet meeting
5. SOUNDBITE (Ukrainian) Arseniy Yatsenyuk, Ukrainian Prime Minister:
"We have managed to achieve these conditions: firstly, 20 percent of our debt will be written off by our creditors. We can say that the Government got almost 4 billions of US Dollars written off. Secondly, the price for monthly interest credit payments will not rise. Thirdly, for the next four years, Ukraine will not be paying the main body of credit."
The Ukrainian government said on Thursday it has reached a crucial deal with its international bondholders to lighten its public debt burden, a move that will help the country avoid default as it tries to cope with the devastating costs of conflict.
As part of the deal, investors who own Ukraine's bonds will write off 20 percent of their holdings, shrinking 19 billion US dollars in sovereign debt to 15.5 billion US dollars, Prime Minister Arseniy Yatsenyuk told the government.
The deal will also extend the payment period on the government bonds by four years through 2027.
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