KIEV, July 21 - The threat of a technical default exists but it is inappropriate to talk about a default in Ukraine in general, according to the president's representative in the Cabinet of Ministers Oleksandr Danyliuk.

"Negotiations with creditors are not easy, and the Minister of Finance has repeatedly spoken about this. However, if it [default] occurs, it will be a technical default for lenders to understand that it is necessary to move towards each other," he said.

Danyliuk went on to say "now it is inappropriate to talk about default, taking into account the financial situation in the country and knowing the schedule of payments."