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News / 13 December 2013 | 16:53
PM: Signing Association in Vilnius would lead Ukraine to default

PM: Signing Association in Vilnius would lead Ukraine to default

Signing of the Association Agreement with the European Union at the summit in Vilnius would lead to default in Ukraine, Prime Minister of Ukraine Mykola Azarov said at the nationwide round table with the participation of the government and opposition, ForUm correspondent reports.

"By the time of the summit, Ukraine had to draw conclusions: to sign the Agreement and face the inevitable economy collapse, or to postpone the signing and ensure that all parties, involved in the process, take into account the interests of Ukraine," he stressed.

PM noted that having $19 billion of foreign exchange reserves, $10 billion deficit in trade balance with the EU, $15 billion deficit in trade balance with the CU, $ 5.5 billion of payments on foreign debts in 2014, about $10 billion of payments for Russian gas, more than $ 40 billion commitment, signing of the Agreement in Vilnius would lead to default.

"What a politician, responsible for the fate of the country, would have taken the decision, ignoring those objective facts?" Azarov wondered.

He acknowledged that the citizens were poorly informed about the potential risks. "We hoped to minimize the risks. We failed to do that before the summit in Vilnius. However, I am convinced that with persistent work and the stability in society, we will be able to do that for the time we have taken to remedy the situation," Azarov said.

He added that to minimize the risks, Ukraine first has to resume trade and economic relations with the Russian Federation, signing series of agreements, to renew IMF loan for Ukraine on acceptable terms, to negotiate with the EU on the transition period, allowing Ukraine to align the balance of trade, stimulating economic growth.

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