It's Official: Ukraine has DEFAULTED on its Sovereign Debt

S&P has announced Ukraine's default on GDP warrants.

International rating agency S&P Global has downgraded the rating of Ukraine's GDP-linked bond issue from "CC" to "D" (default).

The Credit Default Swaps must now kick-in.   This is going to be like knocking over the first Domino.  Others will fall now, too.

Who?  How many?  How much money?  None of us know yet.

But with today's public declaration by a ratings agency that Ukraine is in DEFAULT, nothing will be able to stop what comes next.