The Economist: Ukraine’s economy: The day of reckoning
The West’s inadequate support for Ukraine is being brutally exposed
IT MAY go down as one of the least effective bail-outs the world has ever seen. Not Greece’s, but Ukraine’s. Just two weeks ago Christine Lagarde, the head of the International Monetary Fund (IMF), promised Ukraine $40 billion over four years—an impressive-sounding sum for a country whose GDP may soon shrink to $70 billion. Since then, however, Ukraine’s economic crisis has got much worse. The currency has hit new lows: a dollar now buys around 30 hryvnia (see chart). This week the central bank instituted new currency controls in a fruitless attempt to slow its plunge. Government bonds are trading at 40 cents on the dollar.
WNU Editor: A good summary.
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