Ukrainian Finance Minister Says Default Possible at End of July

 MOSCOW (Sputnik) – Ukraine may announce a default at the end of July, Ukrainian Finance Minister Natalie Jaresko told journalists on Thursday.

"It is theoretically possible, you know that the law was adopted by the [Ukrainian parliament] Verkhovna Rada [on May 19]," Jaresko said, commenting on information on a possible default over the inability to make the next debt payment.

In May, the Ukrainian parliament adopted a bill allowing Kiev to impose a moratorium on repayment of the country's foreign debt. The law will be in force until July 1, 2016. A failure to pay will mean a Ukrainian default.

Ukraine's total debt is currently estimated at about $50 billion.