This page has been archived and commenting is disabled.

And Now The Real Economic Pain Begins As IMF Unleashes $27BN Bailout In "Near Bankrupt" Ukraine

Tyler Durden's picture


Gazprom must really be demanding payment on overdue Ukraine invoices which is the only way we can explain the unprecedented speed with which the IMF has managed to cobble together a makeshift bailout package of up to $27 billion - the bulk of which will naturally go to Russia - which has just made Ukraine its latest vassal state.

As Bloomberg reports, Kiev reached a staff-level agreement with the Washington-based lender for a two-year loan of $14 billion to $18 billion. The IMF’s board must still sign off on the package, Ukraine’s third since 2008, and the government needs to complete “prior actions” to receive the first installment.  Approval is “expected in April, following the authorities’ adoption of a strong and comprehensive package of prior actions aiming to stabilize the economy and create conditions for sustained growth,” IMF mission chief Nikolay Gueorguiev said in the statement. Disbursement may start next month, he said at a news conference in Kiev.

There are of course, conditions: "Approval is “expected in April, following the authorities’ adoption of a strong and comprehensive package of prior actions aiming to stabilize the economy and create conditions for sustained growth,” IMF mission chief Nikolay Gueorguiev said in the statement. Disbursement may start next month, he said at a news conference in Kiev."

Just like Troika disbursement for Greek aid may come any minute now... as long as Greece allows to extend the definition of fresh milk so European milk exporters can put Greek milk producers out of business. Yup: we know how the IMF works. That, and of course the requirement to hike gas prices by 40% or so.

And then comes the hyperinflation: "Monetary policy will target domestic price stability while maintaining a flexible exchange rate. This will help eliminate external imbalances, improve competitiveness, support exports and growth, and facilitate the gradual rebuilding of international reserves. The NBU plans to introduce an inflation targeting framework over the next twelve months to firmly anchor inflation expectations."

Very high inflation targeting.


The IMF agreement will clear the way for 1.6 billion euros ($2.2 billion) in emergency aid from the European Union, European Commission President Jose Barroso said March 5. The EU offered an 11 billion-euro aid package. Ukraine is also waiting for $1 billion in loan guarantees and $150 million in direct assistance from the U.S. “This represents a powerful sign of support from the international community for the Ukrainian government, as we help them stabilize and grow their economy, and move their democracy forward,” the White House said in an e-mailed statement.

Because there is nothing quite like insolvent Europe bailing out insolvent Ukraine.

As part of the IMF agreement, the Ukrainian government agreed to cut
the budget deficit to 2.5 percent of gross domestic product by 2016 and
to raise retail energy tariffs toward their full cost, according to the
Washington-based lender
. The central bank will shift toward a flexible
exchange rate and the country will tackle bad debts in the banking
industry, it said.

As we said: welcome to IMF vassal state status. Enjoy your hyperinflation dear Ukrainians - at least you will have your "freedom"... just like Greeks have the Euro, if no economy to speak of.

Then again, with or without the IMF, Ukraine is likely a lost cause - earlier today, acting PM announced that the country is on the verge of bankruptcy, a statement which has no hyperbole in it whatsoever.

To wit: Ukrainian economy to shrink 3% this year, inflation to be 12%-14%, Prime Minister Arseniy Yatsenyuk tells parliament in Kiev. He added the GDP forecast based on passage of “unpopular reforms. If those laws aren’t adopted, we see default and 10% economic  decline. This package of laws is very unpopular, very difficult, very tough reforms, which we should have done in the last 20 years."

Flashback to Hank Paulson waving a blank 3 page term sheet before Congress demanding ulimited power or else the global economy gets it.

Other disclosures:

  • Russian trade restrictions to reduce GDP by 1ppt; Russia will also raise energy prices
  • “This is the payment for Ukraine’s independence”
  • Ukrainian state debt is 53%/GDP
  • Ukraine to pay $480/kcm for Russia gas starting on April 1
  • Ukraine didn’t use reserves to back hryvnia in March
  • Govt seeks to introduce more progressive income tax system
  • Govt to keep minimum wage unchanged this year
  • Govt to index pensions, public wages to inflation
  • Ukraine needs “urgent” constitutional reform

The full IMF statement is below:

An International Monetary Fund (IMF) mission worked in Kyiv during March 4-25, to assess the current economic situation and discuss the authorities’ economic reform program that could be supported by the IMF. At the conclusion of the visit, Nikolay Gueorguiev, Mission Chief for Ukraine, issued the following statement today in Kyiv:


“The mission has reached a staff-level agreement with the authorities of Ukraine on an economic reform program that can be supported by a two-year Stand-By Arrangement (SBA) with the IMF. The financial support from the broader international community that the program will unlock amounts to US$27 billion over the next two years. Of this, assistance from the IMF will range between US$14-18 billion, with the precise amount to be determined once all bilateral and multilateral support is accounted for.


“The agreement reached with the authorities is subject to approval by IMF Management and the Executive Board. Consideration by the Executive Board is expected in April, following the authorities’ adoption of a strong and comprehensive package of prior actions aiming to stabilize the economy and create conditions for sustained growth.


“Ukraine’s macroeconomic imbalances became unsustainable over the past year. The (until recently) pegged and overvalued exchange rate drove the current account deficit to over 9 percent of GDP, and a lack of competitiveness led to the stagnation of exports and GDP. With significant external payments and limited access to international debt markets, international reserves fell to a critically low level of two months of import in early 2014. The 2013 fiscal deficit was 4½ percent of GDP, and the government accumulated sizeable expenditure arrears. The 2013 deficit of the state-owned gas company Naftogaz reached nearly 2 percent of GDP, driven by the sharp increase in sales at below-cost prices. Without policy action, the combined budget/Naftogaz deficit would widen to over 10 percent of GDP in 2014.


“Following the intense economic and political turbulence of recent months, Ukraine has achieved some stability, but faces difficult challenges. To safeguard reserves and address currency overvaluation, the National Bank of Ukraine (NBU) floated the exchange rate in February. Measures implemented in February and March helped stabilize financial markets and ensured that critical budget payments have been met. Nonetheless, the economic outlook remains difficult, with the economy falling back into recession. With no market access at present, large foreign debt repayments loom in 2014-15.


“The goal of the authorities’ economic reform program is to restore macroeconomic stability and put the country on the path of sound governance and sustainable economic growth while protecting the vulnerable in the society. The program will focus on reforms in the following key areas: monetary and exchange rate policies; the financial sector; fiscal policies; the energy sector; and governance, transparency, and the business climate.


“Monetary policy will target domestic price stability while maintaining a flexible exchange rate. This will help eliminate external imbalances, improve competitiveness, support exports and growth, and facilitate the gradual rebuilding of international reserves. The NBU plans to introduce an inflation targeting framework over the next twelve months to firmly anchor inflation expectations.


“Financial sector reforms will focus on: (i) ensuring that banks are sound, liquid, and well-capitalized; (ii) upgrading the regulatory and supervisory framework of the NBU, including complying with international best practice and supervision on a consolidated basis, and (iii) facilitating resolution of non-performing loans in the banking sector.


”Fiscal policy will secure priority spending during the coming months and implement deeper fiscal adjustment over the medium-term. The initial stabilization in 2014 will be achieved through a mix of revenue and expenditure measures. For 2015-16, the program envisions a gradual expenditure-led fiscal adjustment—proceeding at a pace commensurate with the speed of economic recovery and protecting the vulnerable—aiming to reduce the fiscal deficit to around 2½ percent of GDP by 2016.


“Energy sector reforms will focus on reducing this sector’s fiscal drag, while attracting new investment and enhancing efficiency. A key step is the commitment to step by step energy reform to move retail gas and heating tariffs to full cost recovery, along with early action towards that goal. Importantly, this will be accompanied by scaled up social protection to mitigate the impact on the most vulnerable. Over time, the program will focus also on improving the transparency of Naftogaz’s accounts and restructuring of the company to reduce its costs and raise efficiency.


“Reforms to strengthen governance, enhance transparency, and improve the business climate will be central elements of the program. Policy measures in these areas will include adoption of a new procurement law to close loopholes allowing evasion of a competitive procedure; measures to facilitate VAT refunds to businesses; and an independent quarterly audit of the Naftogaz accounts. The above, and other measures, will be fully developed with the assistance of the World Bank, EBRD, and other international financial organizations and will help increase transparency of government operations, address long-standing governance issues, and remove barriers to growth. Moreover, the IMF will prepare a comprehensive diagnostic study that will cover the anti-corruption and governance framework, the design and implementation of laws and regulations, the effectiveness of the judiciary, and tax administration.


“The authorities' economic reform program is rightly focused on addressing the key economic challenges faced by Ukraine. Its success in achieving these important objectives will be steadfast implementation, which will enable these efforts to be supported by the international community.”

Finally, if everything goes according to plan, Ukraine has a sterling role model to look forward to. Quoting German FinMin Wolfi Schauble from yesterday - "If ever we were to reach a situation in which we had to stabilize Ukraine, we would have many experiences from the Greek case to draw on." In other words, Greece is now an example of "successful" economic reforms. Goodbye Ukraine, it was nice knowing you.


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Thu, 03/27/2014 - 08:11 | 4597862 hugovanderbubble
hugovanderbubble's picture

Mobius, Franklin Templenton Bailout?

Thu, 03/27/2014 - 08:16 | 4597874 negative rates
negative rates's picture

Oh the stories we could tackle.

Thu, 03/27/2014 - 08:23 | 4597899 Stoploss
Stoploss's picture

Anything in there for Detroit??  No?

Ukraine is being stolen from Russia. 

Let's see how long this goes, before the hammer swings..

Thu, 03/27/2014 - 08:26 | 4597908 new game
new game's picture

putin is being forced into a corner, and it may get interesting quick. he knows all to well about banker oligarchies...

Thu, 03/27/2014 - 08:31 | 4597926 sessinpo
sessinpo's picture

Putin in corner? Hardly.

Thu, 03/27/2014 - 08:40 | 4597952 new game
new game's picture

we shall see, not saying he is desparate, just that his hand is being forced...

Thu, 03/27/2014 - 08:53 | 4597990 Global Hunter
Global Hunter's picture

Not sure why all the thumbs down New Game, the USsA/NATO seem to be trying to force Russia to act to me so that they can scream and cry that "Russia is the aggressor".  I'm not sure why or what this will acheive, I think they believe that wars are fought in the press and public opinion is all that matters.  I also think they're very desperate to be acting this way, the 18 trillion of debt the US has found itself in will make people act strangely and their printing press is way to valuable to give up peacefully.

Thu, 03/27/2014 - 09:20 | 4598085 SamAdams
SamAdams's picture

Ukraine made to buy it's "freedom" from the bear, made possible by an unelected official destined to be replaced in June.  Congratulations Greece, you have been replaced as EU's armpit economy. 

Thu, 03/27/2014 - 09:53 | 4598193 Manthong
Manthong's picture

So what will they do about all the Russian tanks that will be there before the (ha!) levereged buy-out?

Thu, 03/27/2014 - 09:59 | 4598220 Mister Ponzi
Mister Ponzi's picture

Within the next six months, a majority in Western Ukraine will probably vote for annexation by Russia. Putin just has to sit tight and wait.

Thu, 03/27/2014 - 10:21 | 4598325 SilverRhino
SilverRhino's picture

Western Ukraine?  Definitely Eastern ... not so sure about Western.   

But the funny part would be for them to default on the 27 billion, dissolve the government and central bank and then vote for annexation as a Russian Oblast using the Russian Ruble .  


Thu, 03/27/2014 - 10:32 | 4598362 Chupacabra-322
Chupacabra-322's picture

"Western" Ukraine is going to fall the same fate as Lybia & Syria after Criminal UNITED STARES, CORP. INC destabilization campaigns of Sovereign countries. States of perpetual war/s.

Thu, 03/27/2014 - 10:28 | 4598346 Freddie
Freddie's picture

Eastern or Western Ukraine?   The east should be speaking up now and saying that this "deal" made by unelected oligarchs aka Nuland's boys is not acceptable and start their own referendum to get out.

Thu, 03/27/2014 - 10:48 | 4598447 Chupacabra-322
Chupacabra-322's picture

Absolutely. The Criminals method of Operation seems to be installing NGO's in the Bankster funded destabilized countries.

Thu, 03/27/2014 - 09:21 | 4598089 john39
john39's picture

they know that, no matter how ridiculous their actions appear to many today, if they win the war, they will rewrite history according to their tastes, and tomorrow's generations will not know what really happened.

Thu, 03/27/2014 - 09:53 | 4598197 Dollarmedes
Dollarmedes's picture

Putin has suckered the west into bailing out Ukraine, taking care of HIS problem on HIS border (and Gazprom will get paid back in full). Next, he will try to rig the upcoming elections, or some other move to control Ukraine without having to invade. He may even try to precipitate a collapse of the Ukrainian state so they have nowhere else to turn.


Most of the benefit of a land grab, none of the costs, and his hands are relatively clean.

Thu, 03/27/2014 - 09:12 | 4598061 Antarctico
Antarctico's picture

we shall see, not saying he is desparate, just that his hand is being forced...


Putin's pimp hand is firm but gentle.

Thu, 03/27/2014 - 10:32 | 4598361 dtwn
dtwn's picture

I think the west (US) is spasming in the last throes of the death of an empire.  Sure, they may be 'trying' to force Putin's hand, but I don't think Putin is one to let himself be forced.  I see him as being very patient, calculatingly letting the west dig themselves a hole they can't get out of.

Thu, 03/27/2014 - 08:28 | 4597913 Latina Lover
Latina Lover's picture

Here comes the IMF/NWO Ukrainian screwjob. 

Bend over Ukies, you are about to discover Nulands real sexual identity....

Thu, 03/27/2014 - 08:18 | 4597876 GetZeeGold
GetZeeGold's picture



$27BN Bailout In "Near Bankrupt" Ukraine


Wow.....that really grew from the 2 billion I last heard. Are we borrowing that from China to give to the IMF to give to the Ukraine?

Thu, 03/27/2014 - 08:18 | 4597885 negative rates
negative rates's picture

There must have been an inflation clause.

Thu, 03/27/2014 - 08:20 | 4597889 GetZeeGold
GetZeeGold's picture



Must have added a food inflation clause. You know how crazy that's been lately.

Thu, 03/27/2014 - 08:40 | 4597951 SoilMyselfRotten
SoilMyselfRotten's picture

"Are we borrowing from China to give to the IMF to give to the Ukraine?

Slight edit: Are we stealing from the American people to borrow from the Chinese to give to the IMF to give to Ukraine?

There, fixed

Thu, 03/27/2014 - 08:45 | 4597971 GetZeeGold
GetZeeGold's picture



Thu, 03/27/2014 - 10:08 | 4598254 knightowl77
knightowl77's picture

"Slight edit: Are we stealing from the American people to borrow from the Chinese to give to the IMF to give to Ukraine?"


Instead, how about; Are we stealing from the American people to borrow from the Chinese to give to the IMF to give to the Ukraine so they can pay Putin for annexing Crimea?

Thu, 03/27/2014 - 11:27 | 4598655 shovelhead
shovelhead's picture


We're stealing from kids who haven't even been born yet.

Dat Uncle Sugar, he don't care...

All dat sugar come from thin air.

Dat ol' Uncle gonna drop that load...

Sum other bitch pay down dat road.

Thu, 03/27/2014 - 09:13 | 4598058 dontgoforit
dontgoforit's picture

Cost over-run.  It ain't cheap creating a One World Government.

Thu, 03/27/2014 - 08:39 | 4597949 ebworthen
ebworthen's picture

GetZeeGold said:  "Are we borrowing that from China to give to the IMF to give to the Ukraine?"

No, it's coming out of your paycheck, Bub.

Tell Mom to can more tomatoes.

Long rice and beans.

Thu, 03/27/2014 - 09:39 | 4598143 Rafferty
Rafferty's picture

 Are we borrowing that from China to give to the IMF to give to the Ukraine?


No.  Old Yeller is going to just fire up the printers again.

Thu, 03/27/2014 - 08:13 | 4597867 Sudden Debt
Sudden Debt's picture

And Ukraine is enslaved by the banks. Sad... more people turned into garbage hunters for food...

I wish they could air on TV in Ukraine on how Greeks live today...

I feel sorry for those people.... pitty...

Thu, 03/27/2014 - 08:21 | 4597888 TahoeBilly2012
TahoeBilly2012's picture

One more NATION STATE in the bag for Tribe(tm). Not many left.

Thu, 03/27/2014 - 08:43 | 4597962 RevRex
RevRex's picture

What do the Cleaveland Indians have to do with this, or do you just hate Jews to?

Thu, 03/27/2014 - 10:17 | 4598303 MeMongo
MeMongo's picture


Dimon, Blankfein, Geithner, Rubin, Bernanke, Schumer, Frank, Levin, Eisner, Murdoch, Feinsteen, Boxer, Lautenburgh, Weinsteen bros., Rothschild, Greenspan, 

This just off of the top of Mongo's tardo head! Seems to me these aint indians or Amish for that matter :-)

Thu, 03/27/2014 - 08:23 | 4597897 Rakshas
Rakshas's picture

hmmmmmmm.... take the IMFO's fiat buy gold keep in moscow make friends with Putin, join Fucked Over Countries Anonymous and tell Monsanto et al to go pound sand...... fuk it why not...

Thu, 03/27/2014 - 08:29 | 4597914 BigJim
BigJim's picture

 As we said: welcome to IMF vassal state status. Enjoy your hyperinflation dear Ukrainians - at least you will have your "freedom"... just like Greeks have the Euro, if no economy to speak of.

The Ukrainians (and pretty much every Western citizenry) voted for vassal status by voting in 'leaders' who bribed them with spending that could only occur by consistently running budget deficits.

If I max out my credit cards beyond my ability to pay, then, unless I declare bankruptcy, I must accept vassal status to the lenders (yes, I know that in our current system banks create the money out of thin air, but you get my point).

This all wouldn't be so bad if we still had free movement of people, so that the productive could just up-sticks and leave their spendthrift brethren and find a place where governments didn't arrange to enslave their citizens... but that's not the situation.

When you vote for immigration controls, you are, at the same time, voting to allow governments to keep you penned in the hell that they and your fellow voters create for themselves, and everyone else regardless of the way they voted. Enjoy!

Thu, 03/27/2014 - 08:34 | 4597933 Tabarnaque
Tabarnaque's picture

And this is all swiftly negociated with a non-elected, violently imposed government. Quickly make deep reforms before the next rigged election. The Troika's technocrats are busy looting in Kiev.

Thu, 03/27/2014 - 08:36 | 4597941 sessinpo
sessinpo's picture

Sudden Debt      And Ukraine is enslaved by the banks. Sad... more people turned into garbage hunters for food...

I wish they could air on TV in Ukraine on how Greeks live today...

I feel sorry for those people.... pitty...


Is the US and most nations the same or a few steps behind? The population let's it happen through ignorance. Government and big institutions are the problem, yet the majority of people continue to support and look for those institutions to solve the problems. They will not pitty us. I empathsize, but don't pitty.

Thu, 03/27/2014 - 08:58 | 4598006 Sudden Debt
Sudden Debt's picture

Sessinpo, yesterday there was a discussion on TV in Belgium where they called for several things to keep our pension systems affloat:

1. Cut pension by 50%

2. Confiscate assets

3. Don't allow self employed people to get a pension

4. Cut all pensions in the future starting from 2050 to zero and let people deal with their own pension.


Now, I had my parents over and they where also watching the show. They get about 4000 euro's together in total in pensions. That's more than enough.

They didn't figure out they where talking about them you know. No... it will be my problem, not theirs.

I kind of got mad there for a hour. They really don't give a fuck AT ALL!! Typical for their generation. it's their right to get the money.

No it's not!!!! They got all the privileges!

And what about my kids???

Do you know how much I would need for me and my wife to live 30 years after our retirment from savings????



Some people think they're well off but well off means : 5 MILLION IN THE BANKS!!!

And when you have that kind of do in your checking account, you're a 0.01% he!

They where also talking about real estate confiscation. WTF?????

I would have thought it would have made front page today! Guess what!! NOTHING!!! NOTHING IN THE NEWSPAPERS!!!


I'm telling you. When I retire, I'm taking my gold and silver to a third world country and I'll live like a king over  there.

You have to be a fool to stay here and be poor.

Man, I'm pissed like all day already with the reactions I got yesterday.

People don't give a fuck about anybody else than themselves.



As a person, I've always been the person who backs the underdog. If somebody kicks a weaker person, I'll help the weaker person. But damn... it's getting pretty hard to be like this in todays day and age because after you help the weaker person he'll jab a dagger right into your back...

Thu, 03/27/2014 - 09:12 | 4598062 Greenskeeper_Carl
Greenskeeper_Carl's picture

Don't feel too bad about your parents not caring, it's the same in the US. My grand parents are pretty well off, not rich by any means, but saved all their lives, and could get by without their social security with only minor life style changes. And it absolutely infuriates me to hear them complain about not getting hardly any increase in their monthly payments. And they are complaining to me about it, who, at 29 years old, will pay into this govt mandated Ponzi scheme all my life, ad not get shit out of it, since it is mathematically impossible for it to exist in anything like its present form for another 40 years. They don't give a shit about that though, they only thing their payments should have gone up a couple hundred more a month, so they can take more vacations.

Thu, 03/27/2014 - 09:19 | 4598078 Sudden Debt
Sudden Debt's picture



They go on vacation 8 months a year, they live in a mansion that I'll never be able to buy, they drive 2 cars, they are on a constant buying spree at the malls...


It's just decadent you know. I have a brother and sister and we both agree but it's like talking to a wall.

They got their perfect health and the luxery to go with it and they keep complaining and complaining and complaining...

and you know what they keep saying to me?



Thu, 03/27/2014 - 09:27 | 4598103 GetZeeGold
GetZeeGold's picture





It's called socialism.

Thu, 03/27/2014 - 11:31 | 4598684 AbbeBrel
AbbeBrel's picture

Obligatory quote (vetted by Snopes) from Thatcher (sorry if this is a dup or you are tired of hearing it) :



Margaret Thatcher on Socialism Claim:   Margaret Thatcher once said that "The trouble with Socialism is that eventually you run out of other people's money." 



Thu, 03/27/2014 - 09:20 | 4598086 dontgoforit
dontgoforit's picture

I know how you feel.  There seems to be only one explaination that addresses all of this:  the satanic take-over of earth.  Think about it.  That explanation covers, greed, avarice, murder and all the other things we see daily.  Satan is hard at work.  The middle east will be the final playing field.  All of this is bubbling into a place where it cannot be stopped.  Prophets have told of it.  People seem to want it to happen.  Suffering for the entire world will be its result.

Thu, 03/27/2014 - 09:26 | 4598101 Sudden Debt
Sudden Debt's picture

I'm not a religous man in that way but I do know how empires like Rome and Egypt fell. People where overgreedy and didn't give a fuck about anything but their gifts from the states.

And we're way down the tipping point already.

Now people think it will crash and recover after a few years but mostly that really takes AT LEAST 70 years!

We'll all be burried before we see a real recovery!


Thu, 03/27/2014 - 10:40 | 4598393 Spastica Rex
Spastica Rex's picture

"Overgreedy," interesting word.

Thu, 03/27/2014 - 09:31 | 4598116 IronShield
IronShield's picture

I don't know what kind of parents you had but I wonder about the sacrifices they had to make to raise you to be the productive member of society you apparently are.  My parents, not unlike yours it seems, played the game as it was expected to be played.  And I wouldn't expect them to feel any remorse or desire to alter their lifestyle based on that game changing or coming to an end for future generations.  Sorry kiddo, you were given the tools to be prosperous; now run with it.

As a parent myself, knowing the game has changed, I am prepared, and preparing my offspring for this alternate reality.  I don't, and never will, rely on government or others for assistance except 'normal' expectations or extreme situatons (and even then with intense reluctance).

As to your moving to a 'third world' country, "the devil you know is better than the devil you don't."  But good luck with that if you decide otherwise.

Thu, 03/27/2014 - 09:49 | 4598180 SquirrelButtDan
SquirrelButtDan's picture

I'll be your neighbor in that 3rd world country. :/ :\

Thu, 03/27/2014 - 10:02 | 4598234 Snidley Whipsnae
Snidley Whipsnae's picture

" - earlier today, acting PM announced that the country is on the verge of bankruptcy, a statement which has no hyperbole in it whatsoever."

Too bad their 30+ tons of gold went missing...

Big boating accident?

Thu, 03/27/2014 - 10:10 | 4598268 knightowl77
knightowl77's picture

"And Ukraine is enslaved by the banks. Sad... more people turned into garbage hunters for food...

I wish they could air on TV in Ukraine on how Greeks live today...

I feel sorry for those people.... pitty..."


Our day is coming soon. Prepare while you can.....

Thu, 03/27/2014 - 08:14 | 4597868 lakecity55
lakecity55's picture

"I Was a Prisoner of the IMF"

by Boris Ukraine
Illuminated Publishing, 2014

Thu, 03/27/2014 - 08:29 | 4597922 GetZeeGold
GetZeeGold's picture



Illuminated Publishing


Nice touch.

Fri, 03/28/2014 - 02:54 | 4601695 ILLILLILLI
ILLILLILLI's picture

Adam Weishaupt, Proprietor

Thu, 03/27/2014 - 10:16 | 4598296 Snidley Whipsnae
Snidley Whipsnae's picture


"Confessions of an Economic Hit Man" by Perkins

Thu, 03/27/2014 - 08:14 | 4597869 shermacman
shermacman's picture

Slavery under the Russians, or slavery under the IMF?
What to do? 

Thu, 03/27/2014 - 08:27 | 4597905 LetThemEatRand
LetThemEatRand's picture

Simple.  Default, and go through the pain and emerge stronger.  But the guys at the top would lose their positions of power so that won't happen.  Instead, it will be slightly less pain for the people but for much, much longer, and no pain for the oligarchs.

Thu, 03/27/2014 - 08:35 | 4597937 BigJim
BigJim's picture

Exactly, the elites maintain their position at the top and the tax payers pay for the enslavement their fellow electorate (whether they pay tax or not) voted for.

Mmm, majoritarian democracy! Allow politicians to bribe the electorate and watch the wealth redistribution accelerate until the productive meat in the sandwich gets squeezed out between oligarchs and the FSA.

But of course, that meat can't go anywhere unless the elites in other countries grant them a visa. And all the countries that are sufficiently advanced that you'd want to live there have succumbed to the same disease. So stay home and prepare to get raped some more, meat! 

Thu, 03/27/2014 - 08:39 | 4597946 sessinpo
sessinpo's picture

LetThemEatRand         But the guys at the top would lose their positions of power so that won't happen.


And so what if  someone at the top loses their power. Someone else would just replace them and the same old BS would continue. The problem is there shouldn't be a position of power in the first place.

Thu, 03/27/2014 - 08:45 | 4597973 LetThemEatRand
LetThemEatRand's picture

I'd be all in favor of that if I didn't believe -- as history teaches -- that there always is someone or a group of someones who take power by force whether the People like it or not.  I'd rather have a say in who that someone is then leave it to a war between the oligarchs.

Thu, 03/27/2014 - 10:13 | 4598289 knightowl77
knightowl77's picture

I hardly ever agree with you...but +1 for that

Thu, 03/27/2014 - 08:46 | 4597976 BandGap
BandGap's picture

That's one side, LTER. The other is a populace that has grown accustomed to it's government borrowing beyond it's means to provide candy for free.

I look at the Greeks with pity, as well. But I wish the whole story to be told. Don't leave out the part where many years ago 2/3 to 3/4 of the people in Greece were on the government dole. Lavish paid vacations and retirement packages for all. At least the Greeks saw the free sunshine for a few years. I think the Ukraines get to skip that part and board the pain train almost immediately.

Thu, 03/27/2014 - 08:53 | 4597986 LetThemEatRand
LetThemEatRand's picture

Definitely some truth in that.  Also truth in the fact that the oligarchs raped and pillaged the populations to gain dynastic wealth, and used government borrowing to keep the illusion of a functioning society and keep people satisfied with their modest but comfortable standards of living while they did so.  Now the oligarchs get to keep their spoils and the people get to eat garbage.  All part of the plan.  It's the same reason that Obama spends so much time talking about extending unemployment benefits and raising the minimum wage and so forth.   They're not quite ready to pull the plug yet.  They have a few more hollow points to buy, and a few more computers for the NSA facility to plug in first.

Thu, 03/27/2014 - 09:23 | 4598094 BandGap
BandGap's picture

The people need to open their collective eyes.

Thu, 03/27/2014 - 10:44 | 4598417 Jack Burton
Jack Burton's picture

BINGO! Default, bankrupt is bankrupt. Iceland showed the world how to fuck the bankers, at least a little. Unpayable debt is not going to be solved by billions in IMF loans. Western banks will draw interest off the Ukrainians for ten generations going forward. Debt slaves!

Thu, 03/27/2014 - 10:11 | 4598265 NoPantsSpongeBob
NoPantsSpongeBob's picture

Slavery under the Russians, or slavery under the IMF?

Ukraine's problem of IMF vs Russia was not that the Russian loan implied Ukraine slavery because unlike IMF loan there are no conditions attached to the Russian loan other than stability of Ukraine. The problem is that to the corrupt Yanukovich government the Russian loan was an unchecked flow of funds that they were likely to pocket. Contrary to the media spin, Ukrainian are not fighting for EU vs Russia but against government corruption and lawlessness. Their Maidan Manifest starts with: "We are sick of living like shit"

Thu, 03/27/2014 - 10:20 | 4598320 Independent
Independent's picture

LOL so true Sponge, they better get used to living like shit though cause things are only going to get worst for them.  Now it will be living like diarrhea in the age of cholera lol.

Thu, 03/27/2014 - 08:14 | 4597870 101 years and c...
101 years and counting's picture

BAILOUTS ARE GOOD. BAILOUTS ARE GREAT.  It means moar money to print since every "developed" country is insolvent.  Awesome.

Thu, 03/27/2014 - 08:17 | 4597871 firstdivision
firstdivision's picture

Why not just throw the $27B into an incinerator?  You'll end up with the same result.

Who's the drunk London trader buying up all the WTI contracts?

Thu, 03/27/2014 - 08:17 | 4597879 negative rates
negative rates's picture

Yea but the bill still won't be paid.

Thu, 03/27/2014 - 08:23 | 4597900 firstdivision
firstdivision's picture

Technically the bill still wouldn't be paid, as Gazprom will collect only more 'promises to pay'.

Thu, 03/27/2014 - 08:41 | 4597958 sessinpo
sessinpo's picture

 firstdivision       Why not just throw the $27B into an incinerator?  You'll end up with the same result.


Not quite. The taxpayers of the world will still get the bill. But if you throw that money into an incinerator, that money wouldn't go the the elite for their private jets and mansions.

Thu, 03/27/2014 - 09:19 | 4598077 grunk
grunk's picture

I see banks are still doing liars loans.

Thu, 03/27/2014 - 08:28 | 4597875 ziggy59
ziggy59's picture

Ukraine, you better read the fine, fine print before signing..These fux will change the deal after the fact

Thu, 03/27/2014 - 08:17 | 4597880 Rakshas
Rakshas's picture

Pay your Gaz bill bitchez....


Love Vlad

Thu, 03/27/2014 - 08:19 | 4597881 new game
new game's picture

So who is in charge over there?, ahhh, the bankers once again, backed by guess who?. your move putin!

Thu, 03/27/2014 - 08:43 | 4597964 sessinpo
sessinpo's picture

 new game       So who is in charge over there?, ahhh, the bankers once again, backed by guess who?. your move putin!


Since Russia and China will end up with most of that money (because Ukraine owes them), Putin is saying thanks. But next time I want payment in gold.

Thu, 03/27/2014 - 08:53 | 4597991 new game
new game's picture

good point. that reconciles the gas/oil account, but what about the daily lives and fields of fertile soil? that to me seems like the real power play not being discussed. they aint makin more of that either.

Thu, 03/27/2014 - 10:12 | 4598281 Snidley Whipsnae
Snidley Whipsnae's picture

"fields of fertile soil? "

ADM, Monsanto, et al... are waiting in the wings.

Ukranians will be eating GMO food from dumpsters.

Thu, 03/27/2014 - 08:18 | 4597883 agent default
agent default's picture

Get ready for the second violent overthrow of the Ukrainian government.  Only this time the US will condemn the violence and call the new government illegal. You cannot make this stuff up.


Thu, 03/27/2014 - 08:23 | 4597902 fiftybagger
fiftybagger's picture

Exactly.  Their definition of legit isn't very legit.

Thu, 03/27/2014 - 08:28 | 4597916 Rakshas
Rakshas's picture

RT is doing comedy now.....

Obama says Iraq invasion not as bad as Crimea. Wait... what?


Thu, 03/27/2014 - 08:58 | 4598011 GetZeeGold
GetZeeGold's picture



Forget it, he's rolling.

Thu, 03/27/2014 - 10:25 | 4598329 Independent
Independent's picture

Any government where the Jews are not your masters is illegitemate by the rabbinical law teachings of The Illustrious and Most Revered High Rabbi Ovadia Yosef

Thu, 03/27/2014 - 11:08 | 4598544 MeMongo
MeMongo's picture

Serious question indy! This yosef dude you keep qouting, is he the one who said he could predict the future from examining his morning stool? 

Sorry! Mongo tardo sometimes:-)

Fri, 03/28/2014 - 21:49 | 4604566 Lore
Lore's picture

Just another self-aggrandizing asshole.

"In an October 2010 sermon, Yosef stated that "The sole purpose of non-Jews is to serve Jews". He said that Gentiles served a divine purpose: "Why are Gentiles needed? They will work, they will plow, they will reap. We will sit like an effendi and eat. That is why Gentiles were created."

In the same article in The Jerusalem Post, according to the journalist who interviewed him, Yosef compared Gentiles to donkeys whose life has the sole purpose to serve the master: "In Israel, death has no dominion over them... With gentiles, it will be like any person – they need to die, but [God] will give them longevity. Why? Imagine that one's donkey would die, they'd lose their money. This is his servant... That's why he gets a long life, to work well for this Jew. Gentiles were born only to serve us. Without that, they have no place in the world – only to serve the People of Israel."

Thu, 03/27/2014 - 08:19 | 4597886 replaceme
replaceme's picture

< Take over by Putin

< Take over by Bankers

Thu, 03/27/2014 - 08:21 | 4597896 firstdivision
firstdivision's picture

The choices here are about as great as every US Presidential election cycle.  Giant Douche, or a Turd Sandwich.

Thu, 03/27/2014 - 08:23 | 4597901 i_call_you_my_base
i_call_you_my_base's picture

The only solution is to not be in the position in the first place. You create your own luck. It's amazing that so few people understand this concept.

Thu, 03/27/2014 - 08:39 | 4597948 replaceme
replaceme's picture

not a downding, just a big supporter of Turd Sandwich and his cellphone plan.

Thu, 03/27/2014 - 08:20 | 4597891 Catullus
Catullus's picture

At least now the Nazis won't take over the Ukrainian government!

Thu, 03/27/2014 - 08:23 | 4597898 new game
new game's picture

so am i to conclude all is good? markets green, carry on?

Thu, 03/27/2014 - 09:33 | 4598123 Bearwagon
Bearwagon's picture

Markets green - no matter what you (or anyone else) are to conclude - so, yes, carry on!

Thu, 03/27/2014 - 08:21 | 4597894 i_call_you_my_base
i_call_you_my_base's picture

Say hello to annexation, western-style.

Thu, 03/27/2014 - 08:25 | 4597903 Eugend66
Eugend66's picture

Idiots, all of them. My country borders Ukraine them neonazis could have a glipse of what IMF does when they get a grip on your economy.

Thu, 03/27/2014 - 10:35 | 4598285 KickIce
KickIce's picture

I'm sure the Rothchilds being the scum that they are have bought all the right people and the Ukrainians have already dealt with Putin and know he's an asshole.   Who knows how much gold they have left after the CIA op  so even if they wanted to print their own money they might be unable to.  So they're running from Putin over to the Rothschilds, or escaping the bear cage by running into the lion's den.

Thu, 03/27/2014 - 10:35 | 4598359 Independent
Independent's picture

Ahh Eugene must be a Romanian a few questions

1 How did that Bechtel multibillion dollar contract go for the nonexisting transnational highway road

2 How is the billion dollar purchase of third hand used twelve 1980s F-16s jets humping your chances of a balanced budget?

3 Can you still afford bread since Goldman sachs and Cargill have moved into your food commodities markets and manipulated prices, or is the taste of bark starting to grow on you

4 Can you still call it Romania when foreigners are rapidly buying up all your arable land

5 How does it feel as an IMF slave that you cant say no to cyanide gold mining anymore or say no to fracking for gas and well say goodbye to your wondeful aquifiers in Dobrogea and Wallachia Regions.

Thu, 03/27/2014 - 11:23 | 4598628 Eugend66
Eugend66's picture


I`m an unemployied lurker, rarely raising my nose here on ZH.

1. They call it "you will pay it later" finance.

2. "Money" will be available if you ...... . And Portugal will thank you too.

3. We still can buy bread, thanks for askin`, exports od Ag products on the rise.

4. Israel bought the right to use the land not the parcel itself. Ohh .. while I`m rambling, I HATE ZIONISTS!!!

5. You flunked that, no cookie for you.  :-)



Thu, 03/27/2014 - 08:26 | 4597904 ebworthen
ebworthen's picture

And they thought their own oligarchs and the Russians were bad.

Just wait until they feast (starve) on the EU Brussels Bandits form of oligarchy!

Watch those pensions and public wages be strapped to a chained CPI fudged by a committee!

Have they not been paying attention to the pain in Greece/Italy/Spain foisted by the EU?

Was it the pretty EU flag or the false levitated value of the Euro that is a good thing only in Germany?

Realize, Ukraine, that you are jumping out of the frying pan and into the fire of EU/U.S.S.A. privatized gains/socialized losses.

Vlad may be able to leave the tanks and APC's at the border and wait for the wave of disillusionment and rude awakenings to sweep over the heretofore somnolent Western Ukranian citizens dreaming of blue lollipops and yellow gum drops.

Meanwhile, residents of Detroit have their pensions robbed and water shut off to pay tribute to the Wall Street Warlocks; and the U.S. taxpayer at large is robbed to send money to the neo-Nazi putsch in Kiev, the Egyptian somethings, Al-Queda in Syria, and a gaggle of warlords in Africa.

Get to work, serfs!

Thu, 03/27/2014 - 08:25 | 4597907 The wheels on t...
The wheels on the bus are going to fall off's picture

I still dont even understand how overthrowing the government has benefited the Ukrainian people? 50% hike in a gas bill, austerity measures, confiscation of there gold (never to be seen again).....

It amazes me how people think grass is greener on the other side, clearly it isnt and it will never be, 'the people chose to be part of the EU' Greece and Spain 2.0, welcome to the world of delfationary measures where the wealthier countries such as Germany send a big Fuck you to Greece, we are all euro arent we?.....bullshit, what a fucking palarva

Thu, 03/27/2014 - 08:30 | 4597920 ebworthen
ebworthen's picture

Their Gold is now over here, not there nor theirs anymore.

It all looked so good on T.V. and Twitter, "it's a Teletubbies world"!


Thu, 03/27/2014 - 08:32 | 4597930 GetZeeGold
GetZeeGold's picture



Their Gold is now over here



Thu, 03/27/2014 - 09:06 | 4598035 BandGap
BandGap's picture

If I ran Russia, and I know I could if I was 7" shorter, I would ask for said gold in payment for the natural gas that Ukraine owes money on. Why the fuck would I accept shit printed out of thin air for my hard earned fuel source?

Thu, 03/27/2014 - 08:27 | 4597910 Racer
Racer's picture

Anchor inflation expections = propaganda whilst ignoring reality

Thu, 03/27/2014 - 08:28 | 4597917 Black Hand
Black Hand's picture

When the Southern and Eastern regions breakaway they will not be liable for any part of this debt.  The "govt" in Kiev have no more legitimacy than I do to sign this agreement. 

Thu, 03/27/2014 - 08:31 | 4597925 Mentaliusanything
Mentaliusanything's picture

The IMF! International Muppet Fuckers

They are a desease worse than Lagades sagging twat.

Run don't walk to any exit you can find because this LOAN is toxic

Thu, 03/27/2014 - 09:19 | 4598079 madcows
madcows's picture

I thought she had a dick?!

Thu, 03/27/2014 - 10:10 | 4598269 ParkAveFlasher
ParkAveFlasher's picture

It's tough to tell what's what when looking at the genitalia of the female orange hyena.

Thu, 03/27/2014 - 08:34 | 4597934 RSDallas
RSDallas's picture

Greece II, maybe worse.

Thu, 03/27/2014 - 08:38 | 4597935 new game
new game's picture

it really is a matter of desparation; first the assests(collateral) are stolen by crony facism, then the people put in bondage by bankers(imf)...pretty goddamn simple!

Thu, 03/27/2014 - 08:36 | 4597938 grunk
grunk's picture

Harry Reid didn't get the IMF funding into the loan guarantee bill.

No way it goes through now.

Where does the IMF get the money at this point?


Thu, 03/27/2014 - 08:36 | 4597939 AdvancingTime
AdvancingTime's picture

The IMF is not the answer. The pool of money the IMF loans and redistributes around the world helps to stabilize countries if they are failing or economically unstable.  But many people do not understand who, and how they are funded. While the IMF exerts a fair amount of influence, it is political in nature and pushes the way the wind blows.

This bring up the issue and questions as to how muddled this system is. With a loud voice the IMF is overrated, it often uses only a small amount of money to make the very desperate march in line, at times this means not solving problems but helping to kick the can down the road. More on this overrated institution in the article below,


Thu, 03/27/2014 - 08:42 | 4597954 smacker
smacker's picture

So, the IMF is buying what's left of Ukraine to pre-empt a Russian take-over, but will demand austerity in return.

Imagine that(!)

Anti-austerity demos will soon follow.

Thu, 03/27/2014 - 08:41 | 4597955 undercover brother
undercover brother's picture

With Ukraine 27 billion in debt and with the real number likely to be much more, perhaps a better idea would be for the west to allow Russia to take it over and assume their debt.  I'm fairly certain this would be the start of the fall of the new soviet union.  

Thu, 03/27/2014 - 08:43 | 4597967 new game
new game's picture

putin, rubbing his chin thinking "i must be carefull what i wish for".

Thu, 03/27/2014 - 08:49 | 4597982 sessinpo
sessinpo's picture

undercover brother        perhaps a better idea would be for the west to allow Russia to take it over and assume their debt.  I'm fairly certain this would be the start of the fall of the new soviet union. 


Russia can easily print those in Rubles. I don't think Ukraine has a currency as respected (yes I know respect for any fiat is a joke.) 

Don't like that idea, Russia can easily pay that off in energy. Or Putin can shut the energy off and negotiate a smaller debt settlement (like zero)


Thu, 03/27/2014 - 09:11 | 4598056 agent default
agent default's picture

Better plan.  Russia annexes all of Ukraine at the request of the Ukrainian people now that they know what the plan was all along.  Except for the Chernobyl enclave, which will not be annexed and  still be Ukraine.  Problem solved.

Thu, 03/27/2014 - 08:43 | 4597963 oak
oak's picture

does imf need to sell gold to have this kind of money?

Thu, 03/27/2014 - 08:45 | 4597972 new game
new game's picture

money, ha, you silly rabitt, just print er up and click, click in the bank account, really you ask?

Thu, 03/27/2014 - 08:48 | 4597979 GetZeeGold
GetZeeGold's picture



I think they're going to sell it to Belgium......something about some bonds....not real clear on the details.


It's all BiS to me.

Thu, 03/27/2014 - 08:46 | 4597974 JenkinsLane
JenkinsLane's picture

"On my command, unleash hell!"

Thu, 03/27/2014 - 08:46 | 4597975 sessinpo
sessinpo's picture

What is this BS about bankers versus Putin?

Bankers make money no matter who wins, Putin or NATO.

red pill/blue pill. It's all the same.

Thu, 03/27/2014 - 08:49 | 4597981 jmcadg
jmcadg's picture

Breaking: IMF values gold at $25000/oz

If I m correct $27billion dollars for 33 tonnes of gold.

Stack 'em high.

Thu, 03/27/2014 - 09:22 | 4598073 GetZeeGold
GetZeeGold's picture



...carry the 1. <---illegal in Common Core Math.


Seems about right.

Thu, 03/27/2014 - 10:16 | 4598297 ParkAveFlasher
ParkAveFlasher's picture

You are not correct, but close enough to make the desired impact:

1 tonne (or metric ton) = 2204.6 lbs.

1 lb. = 12 troy ounces

$27,000,000,000 / 33 tonnes = $818,182/tonne

$818,182 / 2204.6 = $371,125/lb

$371,125 / 12 = $30,927/oz

$30,927/oz = gold, bitchez.

Thu, 03/27/2014 - 10:23 | 4598330 jmcadg
jmcadg's picture

I was trying to be conservative ;)

Thu, 03/27/2014 - 10:34 | 4598365 ParkAveFlasher
ParkAveFlasher's picture

We might as well be precise in our tin foil hat, tin foil pipe dreams.  Who can argue with the math?  lol...

As it's been recently tossed over in group help sessions with fellow gold "investors", I'm holding the gold until my kids talk about my stack with the same reverence that they talk about my combover.  IMHO It's no accident that GATA chooses Don Quixote as its standard bearer.

Thu, 03/27/2014 - 10:42 | 4598405 jmcadg
jmcadg's picture

Lol the combover.

Yes very true my stash is precisely the same size today as it was over a week ago.

Sadly I'm off for reconstruction surgery as I've had my face ripped off with my pathetic paper shenanigans over the last week :(

I'm pretty good at contrarian calls to make a loss.

Thu, 03/27/2014 - 10:57 | 4598492 ParkAveFlasher
ParkAveFlasher's picture

The past is perfectly predictable.

Thu, 03/27/2014 - 08:53 | 4597988 rsnoble
rsnoble's picture

Am I not seeing the whole picture here........Wouldn't it be wise to wait and see if Russia attacks and takes over Ukraine BEFORE declaring it your own and sending them billions?

Also........does anyone really believe the US share is only 1 billion? Please.  And if everyone is BK where the hell is the money coming from?  The digital zero machine???


Thu, 03/27/2014 - 08:57 | 4598007 Arkadaba
Arkadaba's picture

Or wait until there is a legitimate elected government in place with the authority to make these deals

Thu, 03/27/2014 - 09:03 | 4598028 rsnoble
rsnoble's picture

There you go talking crazy again. LOL.

Thu, 03/27/2014 - 09:20 | 4598082 rsnoble
rsnoble's picture

Maybe Putin will wait to get paid first?  Then wipe them out?

Thu, 03/27/2014 - 10:17 | 4598302 ParkAveFlasher
ParkAveFlasher's picture

That's the way.

Thu, 03/27/2014 - 08:54 | 4597995 taraxias
taraxias's picture

Ukraine is so fucked. 

Thu, 03/27/2014 - 08:55 | 4597998 Rakshas
Rakshas's picture

Ukraine's former Prime Minister Yulia Tymoshenko plans to run again for president in the upcoming poll on May 25.

..... As I read this headline I imagined Ukrainians changing the national anthem to Buckcherrys "Crazy Bitch"


Thu, 03/27/2014 - 08:56 | 4598002 grunk
grunk's picture

In Eastern Europe loan sharks make house calls.

Thu, 03/27/2014 - 08:58 | 4598010 franciscopendergrass
franciscopendergrass's picture

Ukraine, the new Greece

Thu, 03/27/2014 - 09:05 | 4598033 falga
falga's picture

Why not give money no one has? Who better to make such decision than Christine Lagarde without any economic training, she is a lawyer by trade, and a politician by design. Has left the French Treasury in shambles and continues to leave a trail of destruction.

Best to start fresh in Ukraine and force a default in order to pay Russian debt at a discount. That should be the right logic.

Thu, 03/27/2014 - 09:07 | 4598038 spellbound
spellbound's picture

Ukrainians won't know what it is like to be bleeding from their rectum until they've been "saved" by the IMF.

Thu, 03/27/2014 - 09:08 | 4598043 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Here is one of the conditions.....

U.S. and EU call on Ukrainian neo-Nazis to ditch swastika

The European Union and the United States, which have supported and funded for years all neo-Nazi groups and other radical extremist factions in Eastern Europe, have given the order to these new fascists never to brandish the swastika, associated with Adolf Hitler’s Nazi Germany, in their marches or other demonstrations.

Indeed, it would be a more discreet way to be seen in public, but an even better way to avoid compromising the U.S. and the European Union because of the secret alliance that binds them to these groups (intelligence operatives and subversive infiltration within the New Gladio).

Thus, the Western mainstream press can present them today as fighters for democracy in the face of the "Russian invasion". However their methods, ideology and actions are a continuation of the same Nazi practices that took place in 1933-1939.


And decent human being left in Europe and the US should be disturbed about this. Apparently deprogramming is complete since not a fucking peep.

Thu, 03/27/2014 - 09:10 | 4598053 luckylongshot
luckylongshot's picture

So having freed themselves from Russian control the Ukrainian people then discover they have jumped out of the frying pan and into the fire....Greece might actually look good compared to what is about to happen to Ukraine.

Thu, 03/27/2014 - 09:23 | 4598059 ThisIsBob
ThisIsBob's picture

The gaz bills will now be paid. The United States contributes about 17% of the IMF budget.  Apparently it is in the best interest of the United States  to have its taxpayers help pay some jerkwater's power bills to Russia.  Putin has to be loving it.  He gets Crimea and gets paid for it.

Thu, 03/27/2014 - 09:13 | 4598063 Debt Slave
Debt Slave's picture

"and create conditions for sustained growth,”

Waa hahaha. Yeah. Sustained growth of debt and cultural destruction. Welcome to the EU and the West, Ukraine. Now you too can enjoy all the benefits of debt, democracy, feminism, homosexuals, and aliens among you. Oh and BTW, hand over your guns.

Thu, 03/27/2014 - 09:21 | 4598090 ak_khanna
ak_khanna's picture

Countries around the world are taking on more debt without any fruitful attempts to curb their expenditures. This has resulted in a much more fragile and artificially held up financial system which is on a much shaky ground than it was in 2008. In 2008 companies failed due to excessive leverage and debt and now countries are likely to default because they took on the same bad debt on themselves. 

There is no economic recovery because all the efforts of politicians, government, central banks etc are focused on saving banks instead of targeting job creation which is the only way economy can recover. 

The weakness in the democratic process ensures the victory of the Wall Street over the Real Economy for the foreseeable future. Things are definitely going to get much much worse before they get better for the real economy i.e. for more than 90% of the population.

Thu, 03/27/2014 - 09:50 | 4598104 spanish inquisition
spanish inquisition's picture

Fin Min Schauble - "What the Greek situation taught us, for future bailouts, is we left alot of money on the table. The amount of suffering that people will accept is much more than we subjected in regards to asset stripping. Interestingly, Tymoshenko was close regarding her scorched earth comments, it's just a little west of where she hoped."

Thu, 03/27/2014 - 09:27 | 4598106 Carl Popper
Carl Popper's picture

Welcome to the club, Ukraine.

Membership only requires you put your future generations in debt servitude.

But they aren't born yet so they can't vote no nor object.

Thu, 03/27/2014 - 09:34 | 4598128 PatientZero
PatientZero's picture

At this point, for the sake of the Ukrainians, that Russia invades the rest of Ukraine to save them from this debt slavery. No doubt the new Jewish Israeli citizen prime minister of Ukraine will sign off on it.

Thu, 03/27/2014 - 09:35 | 4598132 Fíréan
Fíréan's picture

“I will be probably the most unpopular prime minister in the whole history,” Yatsenyuk told Parliament before being approved yesterday, heralding decisions on cuts in subsidies and welfare payments and later calling his job a “political kamikaze” mission. “But we will do everything possible to avoid default.” *

 Thus said interim Prime Minister Arseniy Yatsenyuk a month ago. I guess the Ukraine, minus the Crimea, will now find out the impossitions required from the IMF.

PS. IMF loan requirements are not the same as the EU trade agreements.


( * )

Thu, 03/27/2014 - 09:38 | 4598137 jjsilver
jjsilver's picture

And where is that credit going to come from, thin air. Nice racket.

Thu, 03/27/2014 - 09:38 | 4598139 Bearwagon
Bearwagon's picture

Faced with such an enormous threat, if I were to decide at Ukraines place, I'd declare war and threaten the rest of the world with immediate complete venting of all my NPPs, lest this harassment is turned down at once!

Do NOT follow this link or you will be banned from the site!