The failure to sell the factory was attributed to the burden of OPP’s debt to Ostchem, and to a conflict with the company Nortima, allegedly controlled by controversial billionaire Ihor Kolomoisky. The failure to sell OPP was a setback for the Ukrainian authorities, who consider the sale of OPP as a landmark event that would send a message to investors globally that transparency is being introduced into Ukraine’s economy. Source BNE IntelliNews
The German finance minister has kicked off days of debate over the 2021 budget, arguing for more debt to support the economy during the coronavirus pandemic. “It’s a really, really” large sum, admitted Scholz. Source Deutsche Welle
The world’s largest group of shipping insurers will not insure vessels involved in the Russian-led Nord Stream 2 and TurkStream gas pipeline projects because of the threat of U.S. sanctions. Source Reuters
Italy expects debt to rise to about 160% of gross domestic product by the end of this year despite a smaller-than-forecast contraction of the economy, officials familiar with ongoing budget talks said. The new figures, which are provisional and still subject to change, see the economy expanding 6% in 2021, the officials said, asking not to be named discussing confidential deliberations. Source Bloomberg Quint
