Can the economy recover?
Ukraine’s finances are in horrible shape. The government has less than $1-million in its treasury and the country is close to defaulting on its foreign debt. New Prime Minister Arseny Yatseniuk also told parliament on Thursday that as much as $70-billion had been taken out of the country in the past three years.Analysts say the economy, which is difficult to measure because of
corruption, had been showing signs of pulling out of a recession last
fall but months of protests, violence and political uncertainty have
taken their toll and much of the economy has ground to a halt. The
European Union, International Monetary Fund and other Western countries
have promised billions of dollars in aid but there will likely be a
cost, including requirements that Ukraine cut subsidies for gas and
slash social-welfare programs.
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