Ukraine abandoned by European and at mercy of Russia
UKRAINE is on the brink of financial collapse. It is not able to meet interest payments it is due to make this week. Its GDP fell 6.8% last year and is liable to fall by an even greater extent this year. Meanwhile, it is having to defend itself against a neighbour which guaranteed its frontiers as recently as 1994.
Instead of stepping forward to help Ukraine financially, the EU and the US are both leaving the job to the IMF. The IMF is offering Ukraine $40bn (€35.5bn) whereas the EU says it can only manage $2bn.
