Ukraine’s financial position remained precarious. The debt restructuring deal that was eventually done in August 2015 satisfied the IMF’s demand for private sector involvement in formal terms. But, in fact, it imposed minimal losses on the hedge funds that had gobbled up Ukraine’s distressed debt. It bought Ukraine only the slightest amount of debt relief, cutting its debts from $71 billion to $67 billion, while Ukraine’s GDP continued to plunge.
