The Russian Loan and the IMF’s One-Two Punch: Ukraine Denouement

The fate of Ukraine is now shifting from the military battlefield back to the arena that counts most: that of international finance. Kiev is broke, having depleted its foreign reserves on waging war that has destroyed its industrial export and coal mining capacity in the Donbass (especially vis-à-vis Russia, which normally has bought 38 percent of Ukraine’s exports). Deeply in debt (with €3 billion falling due on December 20 to Russia), Ukraine faces insolvency if the IMF and Europe do not release new loans next month to pay for new imports as well as Russian and foreign bondholders.

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West’s agri-giants snap up Ukraine

As unusual as it may seem, the appointment of Natalie Jaresko, a US-born and educated businesswoman, is consistent with what looks more like a takeover of the Ukrainian economy by Western interests. In two reports – “The Corporate Takeover of Ukrainian Agriculture” and “Walking on the West Side: The World Bank and the IMF in the Ukraine Conflict” – the Oakland Institute has documented this takeover, particularly in the agricultural sector.

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The Siena Declaration: On the Crisis of Economic Globalization

                           THE SIENA DECLARATION                   On the Crisis of Economic Globalization                        Siena, Italy, September, 1998 In the midst of the rapidly growing global financial crisis that has already reached unprecedented proportions, the following statement was prepared by the Board … Continue reading