Ukraine restructures public-sector debt, no default announced – Yatseniuk

"The default that our enemies were waiting for will not take place," he said while opening an extraordinary cabinet meeting on Thursday. "Thanks to the efforts of the finance minister and the Ukrainian government, we've managed to receive the following conditions: the first is that 20% of the country's debt is written off by our creditors," Yatseniuk said. He added that this concerns the write-down of almost $4 billion. Yatseniuk added that Ukraine will not pay the principal of the credits for four years.