Ukraine Desperately Seeks Foreign Aid

Acting President Oleksander Turchinov says economy is "heading into the abyss"

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Ukraine made an urgent call on Monday for $35 billion in foreign assistance over the next two years, following the overthrow of President Viktor Yanukovych on Saturday.

The finance ministry issued a statement on Monday suggesting an international donor conference attended by representatives from the U.S., E.U. and the International Monetary Fund. It said it needed the first aid in the next week or two, reports Reuters.

Acting President Oleksander Turchinov, who was appointed interim leader after Yanukovych was stripped of his powers by parliament, said on Sunday that the country was near default and that the economy “is heading into the abyss.”

On Friday, ratings agency Standard & Poor downgraded Ukraine’s credit status to two levels above default. “We now believe it is likely Ukraine will default in the absence of significantly favorable changes in circumstances, which we do not anticipate,” said the agency.

Ukraine spiralled into crisis in November after Yanukovych rejected a trade deal with the E.U. in favor of maintaining ties with Russia. The government has now issued an arrest warrant for the deposed Ukrainian leader, who was reportedly last seen in Crimea.

[Reuters]

2 comments
didland
didland

A typical western media report which conceals, if not distorts the real truth. bellow are some suggested corrections regarding the Ukrainian economy:

Ukraine serious economic problems didn’t start or spiralled because it rejected a deal with the EU and opted for one with Russia [as the report above seems to point out], Ukraine economic woes were well before that, heading to something of a meltdown. Ukraine economy needs a bailout of 100 billions$. bigger than Greece. who is going to give that? Lets see if EU or US taxpayers are willing to pay! [all their intentions regarding Ukraine is to antagonize Russia], Russia on the other hand, quickly offered 15 billion $. Russia is Ukraine biggest export market, on low or no tariff. Does the EU offer such revenues for Ukraine? Ukraine doesn’t have much to sell for the EU

To sum up: separating the National issue [the subject of the uprising] and the different case of the economic issue it seems that Russia offers the most realistic prospect for Ukraine to economic recovery. In the end of the day perhaps Ukraine needs Russia more that Russia needs Ukraine!

ViktorKucher
ViktorKucher

Ukraine is under destroy... People who had nothing yesterday try to get a lot now, they crushes cars and shops, they kill foreigners and there is now law at all. What will be tomorrow? Criminals will establish their laws so poeople will live or survive according to those laws.