Ukraine will be Paying-Off EU Loans for 35 years

Ukraine will be Paying-Off EU Loans for 35 years

As part of a new agreement with the European Union, Ukraine has agreed to repay loans issued to it within 35 years in "absolutely equal" parts, said Deputy Finance Minister Olga Zykova.[1]

The bleak prospects for Ukraine's financial future are underlined by real data – the country's public debt by November 2022 increased by 45% from February 24, 2022. The volume of state and guaranteed public debt of Ukraine is approaching 80% of GDP. [2]

But who exactly will feel the burden of this debt? Ordinary workers who have already experienced all the charms of imperialism in the last year.

The world economy is also going through a difficult time – the Cologne Institute for Economic Research IW estimated that the Ukrainian-Russian conflict cost the world $ 1.6 trillion in 2022. This year, the consequences could cost $1 trillion. [3]

Over the past year, many events have occurred indicating a trend of lowering the standard of living, including increases in energy prices in Europe, high inflation and subsequent strikes by workers demanding higher wages, worker’s strikes in China, attempts to carry out pension reform in France, an influx of refugees from Ukraine, military aid and an increase in military budgets to the detriment of the welfare of ordinary citizens in European countries.

It can be listed for a long time - these are the ulcers of capitalism, a disease which every day shows its inconsistency and obsolescence as a system. All over the world, capitalism is winning back the conquests of socialism. Here, the campaign is carried out under the banner of 'national sovereignty' while signing the country's future over to debt servitude. Decent wages and guaranteed employment in trained specializations, social security in free education and medical care, pensions, even the 8-hour working day - every achievement of the socialist revolution is under attack by the capitalists. If you do not participate in the class struggle, it does not mean that the class struggle is not being waged against you.

Sources: 1, 2, 3