China may force default on Ukraine state grain firm

The Export-Import Bank of China is threatening to force the default of a US$1.5 billion loan to the State Food and Grain Corporation of Ukraine (SFGCU) just days after the Russian and Ukrainian governments agreed to reopen grain and food shipments to Africa, according to a banker close to the situation.

“China Exim Bank is playing hardball and threatening to send a default note on the loan,” the banker said.

Former US Federal Reserve chairwoman (now Treasury Secretary) Janet Yellen filmed by Capitol Intelligence using CI Glass at the 2014 IMF World Bank Spring Meeting.

The banker said the Ukrainian government is seeking a two-year freeze on some $19.5 billion in debt payment with the world’s largest private investors along with $5 billion held by the Paris Club and Group of Seven nations headed by US Treasury Secretary Janet Yellen.

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