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FLASH WORLD BRIONI ISLANDS WILL FITCH: UKRAINE WILL
BECOME ISLANDS OF GO BANKRUPT!
“TESLA” – BALKAN LUXURY
EXTENSION OF THE
“TURKISH STREAM”
The Russian Federation will One of the most beautiful Cro- The international rating agency
offer the Balkan countries the atian islands, the Islands of Fitch lowered the long-term credit
pipeline “Tesla” as an exten- Brioni, will be given a modern rating of Ukraine in a foreign cur-
sion of the pipeline “Turkish touristic image soon, state the rency from “CC” to “C”. The rating
Stream”, which would be built Croatian media. The project en- was lowered immediately after
from the Turkish-Greek border visages transformation of the Kiev’s statements about an agree-
to the gas hub Baumgarten in existing hotels Neptun, Istra and ment with the creditors to write
Austria, stated the Russian me- Carmen into two five-star ho- off 20% of the external debt of the
dia. This month, the Ministers tels, with a capacity of 335 beds. country. The agency indicates that
of Foreign Affairs of Macedonia, This includes the reconstruc- the reconstruction of the debt tes-
Serbia, Hungary and Greece tion of all existing facilities, and tifies of an upcoming bankruptcy
should sign a memorandum on also a construction of a new Golf and assesses this as an attempt to
the construction of the pipeline hotel and spa resort, with a ca- avoid insolvency. According to the
“Tesla”. With this document, pacity of 186 rooms, which will agency’s credit rating scale, the
the Balkan countries will con- be built by one of the most re- rating “CC” implies high bank-
firm their participation in the nowned hotel companies in the ruptcy probability, while the rat-
further stages of realization world. According to the Croatian ing “C” means that bankruptcy
of the large pipeline project, Ministry of Environment and is inevitable. Ukraine reached an
which would be between 1.300 Nature Protection, the project is agreement with the private credi-
and 1.400 kilometers long, being carefully planned in order tors to write off 20% of the exter-
with capacity of 27 billion cu- to prevent disruption of the nat- nal debt, which is about 3.8 billion
bic meters of gas per year. The ural balance, which is otherwise USDollars of the total debt of the
realization of the major infra- the trade mark of the island. The country in an amount of 19.3 bil-
structural operation would cost financial projection of the entire lion US Dollars. The Ukrainian
between 4 and 5 billion Euros project is rounded to about 1,5 Minister of Finance Natalie Jar-
and it would be completed by billion Kuna (approximately 200 esko stated that the payment of
2019. In response to this offer million Euro), and the construc- the remaining 15.5billion US Dol-
an official representative of tion operations have already lars will be postponed until 2019.
the European Commissionis- started in the Brioni Islands by As expected, Russia shall not
sued anannouncement where conducting preparatory activi- participate in the restructuring
it is indicated that the project ties. The expectations are that in of the Ukrainian debt of 3 billion
for the pipeline “Tesla”, which several months the islands will US Dollars, which was sent as an
should be an extension of the have a different look. In former announcement through the Rus-
pipeline “Turkish Stream” in Yugoslavia, the Brioni Islands sian Minister of Finance Anton
the Balkan, is not a priority were known as a private resort Siluanov. Upon tightening of the
for the countries of Southeast of Josip Broz Tito, and today, un- relations between Ukraine and
Europe.Apart from Turkey and der the baton of Rade Serbedzija, Russia, the country faces with
Greece, no other Balkan coun- a theatrical festival takes place military unrest and constant in-
try officially stated its attitude here every year. stability, which led Ukraine to an
in regard to this proposal. economic collapse.
64 September 2015
