Funds from government bonds enough to prepare for Euro 2012, says Kolesnikov

17:07

The funds obtained through the placement of government bonds are currently sufficient to finance Ukraine's preparations for hosting the finals of the Euro 2012 European Football Championship, but the government is continuing to hold talks on gaining access to external borrowing markets, Ukrainian Deputy Prime Minister in charge of Euro 2012 Borys Kolesnikov has said.

"Domestic government bonds are currently resolving all of the problems linked to Euro 2012 [financing]," he said at a press conference in Kyiv on Monday.

Kolesnikov said that the government was also holding talks on the possible placement of external debt bonds.

He declined to specify the details of the negotiations, but only said that such a possibility was being discussed with one of the world's largest banks, Merrill Lynch.

"Western loans, of course, are cheaper," Kolesnikov said.