Saturday, March 14, 2015

"An entire generation of Ukrainians will answer for the Maidan" - Fort Russ

By Vasiliy Muravitskiy

Translated from Russian by J.Hawk

The IMF is deciding: shall we continue this country’s and this government’s agony, or shall we end it at once? Looks like they have decided to continue it.

Deputy Chair of the European Commission Kristalina Georgiyeva acknowledged on Monday that Ukraine will need $40 billion over the next several years, far more than creditors are planning to lend to Ukraine. Kiev preferred not to notice this statement, but another EU official openly announced that the process of reconstituting Ukraine will be “a job for a whole generation.”

Poroshenko himself recently noted that 35% of Ukraine’s industry that still existed in 2013 no longer operates. 10% of this industry was simply destroyed—in other words, every tenth factory, mine, plant. Yatsenyuk’s Cabinet of Ministers officially predicts annual inflation of 40% in 2015. If that’s the official estimate, what will it be in real life?

Yatsenyuk’s swaggering notwithstanding, there is little hope for an IMF tranche. IMF gave Ukraine only $4.6 billion out of $7.4 billion promised in 2014. This in a situation where Kiev was making regular debt servicing payments. In other words, IMF is lending just enough money to let a little oxygen into the lungs.

Today, the sum total of Ukraine’s politics is this: will the IMF give a new tranche or not. And how much. And that’s it.

Complete story at - "An entire generation of Ukrainians will answer for the Maidan" - Fort Russ

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