Ukraine Economy In 'Free Fall,' Banking Group Says -- CNBC
As the United Nations Security Council gets set to meet about an unstable situation in Ukraine, a leading banking organization said Wednesday that the country's financial situation is "really desperate" and its economy is "in free fall."
"Unless actions are taken pretty soon, the odds of Ukraine falling into financial and economic collapse are very, very large," said Lubo Mitov, chief economist of the Institute of International Finance.
Over the next six months, Ukraine needs $10 billion to $15 billion more than what has been promised by international organizations such as the International Monetary Fund, the IIF said. Without an injection of cash soon, "people will start freezing in the winter," because the country won't have the cash to pay for natural gas.
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My Comment: Speaking of Ukraine's imploding economy, this post from Zero Hedge is a must read .... Ukraine Currency Crashes After Senior EU Official Says "The Ukrainians Are Manipulating Us"
3 comments:
Read that , last night, it's important to go to the full Reuters article.
I agree Jay. The Reuters article is here http://www.reuters.com/article/2014/11/09/us-ukraine-crisis-eu-suspicion-insight-idUSKCN0IT0MM20141109
Thank you
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