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Ukraine, creditors agree to confidential debt talks

A man walks past a currency exchange shop in the eastern Ukrainian city of Donetsk on March 1, 2015Ukraine and its creditors agreed Wednesday to launch good-faith and confidential negotiations on restructuring the country’s debt, after weeks of arguing the issue in public. Creditors, represented by the Ad Hoc Committee of Ukraine’s Bondholders — mainly four US investment and hedge funds — are under pressure to write off a significant amount of the country’s debt to help it balance its finances. The IMF structured its $17.5 billion bailout program for Ukraine in March on the basis that the country also receives $15.3 billion in debt relief over four years from bond restructuring.

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