Reportedly, Ukraine faces foreign currency debt payments of more than $12 billion for past loans and interest on them in both 2018 and 2019. Unfortunately, its foreign currency reserves, which stood at only $18.6 billion as of January 31, are too low.
Things are getting hairy, the more especially as this country is also supposed to pay off a corporate loan of $20 billion. According to experts' estimates, today the Poroshenko regime needs desperately about $4.5 billion or 3.8 billion euros to cover privileged debts.
By comparison, Russia has tripled its gold reserves in the last 10 years. James Rickards, editor of the Strategic Intelligence newsletter, notes that they have gone from some 600 tons to over 1,800 tons, and are moving very quickly towards 2,000 tons. Like Russia, China has tripled its gold reserves, officially from 1,600 tons to 1,800 tons.
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