Expert urges not be afraid of U.S. default

Nothing catastrophic will happen for the global economy in case of default in the United States, executive director of the Bleyzer Foundation in Ukraine Oleg Ustenko told a press conference, ForUm correspondent reports.

However, he noted that the United States may still take a risk and announce technical default. "I would not be afraid of that. Nothing catastrophic will happen for the global economy. Dollar won’t cease to be the reserve currency," he said, recalling the decision of the Chinese central bank to continue buying U.S. promissory notes.

At the same time, the expert believes that the Republicans are apt to make concessions to U.S. President Barack Obama because of declining ratings.

"Considering the fact that the ratings of the Republicans began to decline sharply in the last three weeks, they are close to find a consensus with the White House," Ustenko said.