On the Brink of Default? Ukraine, Europe, and the International Financial Crisis
Thursday, March 12, 2009 —
6:00PM - 8:00PM
Munk Centre For International Studies
1 Devonshire Place
The crisis currently gripping Ukraine’s banks has already permeated the broader economy, leading to cutbacks in production, rising unemployment, and a marked reduction in foreign trade. The political tensions arising from this crisis are evident in the dispute between Premier Tymoshenko and President Yushchenko over a way out of it. The European Union figures prominently in the current situation insofar as it is Ukraine’s single-most important trading partner, and its member states’ banks are the biggest investors into Ukraine’s ailing financial sector. Whether the EU and institutions like the IMF, EBRD and EIB can help Ukraine out of its current predicament will affect its long-term attitudes towards east and west. Right now, Ukraine’s leaders are looking carefully at how the core EU member states are dealing with Hungary, Latvia, and other new EU member states that have been badly afflicted by the same crisis.
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