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Facing default, Ukraine gets small debt write-off offer

Ukrainian President Petro Poroshenko leaves after his address in Kiev on July 1, 2015Cash-strapped Ukraine moved a step closer Friday to avoiding a devastating default thanks to a new offer that would see its creditors accept a small debt write-off. The proposal that sources said was submitted by Franklin Templeton and three other US financial titans to Kiev this week is far short of the bond value reduction sought by the war-torn former Soviet state. The thaw in what had been effectively deadlocked negotiations coincided with a meeting on Friday at which the IMF backed the release of a new $1.7-billion (1.5-billion-euro) payment that keeps Ukraine’s $40-billion (36.3-million-euro) global rescue package live.

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