Ukraine Faces Default As Russia Stalls -- CNN
Ukraine's plans to tap Russia for $2 billion in emergency funding have fallen apart, leaving the country sliding towards economic disaster.
Russia said earlier this week it was ready to buy Ukrainian government bonds -- part of a $15 billion financial aid package agreed in December -- but appears to have got cold feet as anti-government protests escalated. The Ukrainian finance ministry canceled the planned bond sale late Thursday.
At least 78 people died in clashes between protestors and security forces over the past two days.
"It was Russia that refused to buy the bonds because Moscow said [the president] did not have control in his country," said Anders Aslund, senior fellow at the Peterson Institute for International Economics.
Ukraine desperately needs the cash because it has to repay as much as $13 billion in debt this year.
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Update: Ukraine credit rating cut by S&P as violence continues -- BBC
My Comment: In Ukraine .... the fear and panic of what may happen to the economy is everywhere. This RT post sums it up perfectly.
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Ukraine Is Facing Default Updated at :
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Friday, February 21, 2014
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