© Michael Klimentyev / RIA Novosti



Putin's supposed "offer" at the G20 to restructure the $3 billion debt Ukraine owes Russia has been universally misunderstood. It was not a real offer at all.Firstly, it was not made to Ukraine - which is the country that owes the money - but to the IMF's Christine Lagarde. Secondly. Ukraine would however continue to pay interest.In reality - as Putin well knows -. In the case of the IMF it is questionable whether it is legally able to. In the case of the US and EU doing so would be politically impossible.Beyond that - as Putin knows - neither Lagarde nor anyone else seriously believes Ukraine will be solvent in a year's time or indeed any time soon. That rules out anyone giving any guarantees for Ukraine's debt.Lagarde asked Putin to postpone payment of the debt for a year, telling him something she doesn't really believe, which is that Ukraine in a year will be solvent and able to pay the debt. Putin fired back that in that case Lagarde should have no trouble guaranteeing it.There are no reports of how Lagarde reacted. Probably she was embarrassed and quietly furious. The episode in fact shows Putin at his most quick-witted and mischievous.