Among the delegations heading to Kiev this week, a team from the International Monetary Fund. Its task: to come up with a plan to help Ukraine's ailing economy. And Ukraine's interim government says it needs a lot of help. There are fears it will default on its debt. And that government pensions and state salaries could soon go unpaid.
Joining us is Anders Asland, a senior fellow at the Peterson Institute for International Economics. Welcome to the program.
Ukraine was known as the breadbasket of the Soviet Union for its fertile fields of wheat. Now it's just a basket case. The outgoing finance minister said the country needed $35 billion to stave off bankruptcy over the next couple years.
Some analysts say that figure may be on the high side. Still, such admissions usually send potential donors dashing for the exits. Yet one thing Ukraine has in abundance these days, in addition to political turmoil, is a long line of financial suitors.
Originally published on Tue March 4, 2014 12:38 pm
Russia's explanation for its military response to the crisis in Ukraine doesn't match real events, President Obama and Secretary of State John Kerry said Tuesday. Speaking at news conferences held within moments of each other on different continents, they urged Russia to de-escalate the situation.
After unveiling his 2015 budget blueprint in Washington, D.C., the president was asked about Russian President Vladimir Putin's approach to the situation in Ukraine.