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You're reading: About-turn for Ukraine and Belarus debt

They are starting to feast their eyes once more on Belarus, which less than a year ago looked close to default, while Ukraine, a favourite of 2010, is again going out of fashion.

The export-oriented economy of Belarus has let its currency float as a condition of IMF funding, and money from the IMF and Russia has fended off payment difficulties.

Over in Ukraine, the central bank has not allowed its currency to weaken much and the country is having one of its regular spats with Russia over the price and volume of gas supplies. Ukraine is also in dispute with the IMF, and funds from the international lender have been suspended for nearly a year.

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