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Why Did the Dog Not Bark? (or Why Did the Creditors Consent So Readily?) Ukraine’s gave creditors in its 2016 restructuring GDP warrants that were bizarrely uncapped. Now, with expectations of post-war GDP shooting up, thanks to likely reconstruction support from the US and the EU, these warrants are potentially gold mines. Yet, just a couple of weeks ago, Ukraine was able to not only defer payments on them, but get agreement on in effect capping them. Why did Heartless Hedgies leave giant gobs of money on the table? What are we missing here? Producer: Leanna Doty
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