Archive for the ‘Ukraine’ Category

Ukraine gives up hosting 2015 Euro Basket

Posted March 19, 2014

Citing political and financial troubles, Ukraine has pulled out of hosting the 2015 European basketball championship. (Andrej Isakovic/Getty Images)

Ukraine was slated to host the 2015 Euro Basket Championship, but due to political uncertainty over Russias annexation of Crimea and financial pressures, the country has given up hosting Europes basketball championship next year.

The decision comes one day afterRussian President Vladimir Putin signed a treaty to incorporate Crimea into Russia.

Organizing committee head Markiyan Lubkivsky said he could not envision Ukraine moving forward with preparations to host the tournament with ongoing political and financial strains. From the APs report:

This situation demands for Ukraine to review our priorities and concentrate financial and political resources for saving (the) territorial integrity and even independence, he said.

Lubkivsky also cited the countrys financial crisis and difficulties in meeting commitments to build arenas in the host cities of Kiev, Donetsk, Lviv, Odessa, Kharkiv and Dniprpetrovsk.

There is a need to resolve hard social issues of higher priority, he said. It is obvious our country cannot afford to support private investors building the arenas or fund preparations that we are responsible for.

France has offered to host the 2015 tournament instead.

Ukraine was awarded thebiennial 24-team championship for 2015 in December 2011.Ukraine hopes to host the tournament in 2017,Lubkivsky said, because the country has already begun some preparation and construction.

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Ukraine gives up hosting 2015 Euro Basket

Ukraine to Honor Russian Eurobond Payments Amid Crimea Dispute

Photographer: Bulent Doruk/Anadolu Agency via Getty Images

A Russian flag waves over the parliament building in Simferopol, Crimea, on March 19, 2014.

A Russian flag waves over the parliament building in Simferopol, Crimea, on March 19, 2014. Close

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A Russian flag waves over the parliament building in Simferopol, Crimea, on March 19, 2014.

Ukraine will meet payments on the $3 billion of Eurobonds it sold to Russia three months before President Vladimir Putins military incursion into the Crimean peninsula, a Finance Ministry official in Kiev said.

Ukraine will pay its debts as it has been doing, Denis Khristoforov, an official at the sovereign-debt department of Ukraines Finance Ministry, said by phone today, when asked about the bonds issued to Russia. These are Eurobonds even if there is only one debt holder. If we do not pay them, we would de-facto be in default. Ukraine doesnt want that.

Putin said yesterday he will annex Ukraines Crimean peninsula in the Black Sea after the region voted in a disputed referendum to join Russia, ratcheting up tensions in a stand-off with the West. Ukraine, which faces $10 billion in foreign-debt payments this year, is in talks about aid with the International Monetary Fund, the U.S. and the European Union.

Russia bought two-year dollar-denominated notes from Ukraine in December as the initial step in what was to be a $15 billion bailout. Russia halted the aid program after Ukrainian President Viktor Yanukovych, a Putin ally, was ousted last month amid the biggest protests since the country gained independence from its former Soviet master in 1991.

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Ukraine to Honor Russian Eurobond Payments Amid Crimea Dispute

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