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Thread: IMF pledges Ukraine $18B as PM Arseniy Yatsenyuk warns nation on "brink"

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    IMF pledges Ukraine $18B as PM Arseniy Yatsenyuk warns nation on "brink"

    There's a saying that you should be careful what you desire to have because you just might get what you want. Ukraine is about to see what life is like in the EU. The next Greece is coming to town

    IMF pledges Ukraine $18B as PM Arseniy Yatsenyuk warns nation on "brink" of bankruptcy - CBS News

    The International Monetary Fund on Thursday pledged $18 billion in loans to prop up Ukraine's sinking economy, as the nation's prime minister forecast more pain ahead without reforms that will affect nearly everyone in the country.

    In a lengthy and passionate address to parliament, Arseniy Yatsenyuk warned that Ukraine was "on the brink of the economic and financial bankruptcy" and laid out details for fixes needed to put the country back on track, including raising taxes, a freeze on minimum wage and radically higher energy prices.

    The reforms will hit households hard, which is likely to severely dent the interim government's tenuous hold on power.

    ......................................

    The IMF loan hinges on structural reforms that Ukraine has pledged to undertake. The IMF said measures will need to include maintaining a flexible exchange rate and reforming the energy sector to make it profitable.

    Retail gas and heating tariffs have to be raised "to full cost recovery," the fund said.

    Income tax rates, meanwhile, would rise from 15-17 percent now to up to 25 percent.

    State energy company Naftogaz announced this week that household gas prices would rise 50 percent beginning May 1 in what it said was part of efforts to make utility costs economically viable for the state by 2018. Some analysts have estimated prices might have to double for consumers.
    Ukraine, welcome aboard!!! lol

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    Re: IMF pledges Ukraine $18B as PM Arseniy Yatsenyuk warns nation on "brink"

    Something of interest on who is going to feel the pain of this bailout


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    Re: IMF pledges Ukraine $18B as PM Arseniy Yatsenyuk warns nation on "brink"

    Ukraine, welcome aboard!!! lol
    Isn't that the truth? The one thing politicians have learned is that overspending doesn't hurt them. It hurts those who come after them.

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    Re: IMF pledges Ukraine $18B as PM Arseniy Yatsenyuk warns nation on "brink"

    Quote Originally Posted by MildSteel View Post
    There's a saying that you should be careful what you desire to have because you just might get what you want. Ukraine is about to see what life is like in the EU. The next Greece is coming to town

    IMF pledges Ukraine $18B as PM Arseniy Yatsenyuk warns nation on "brink" of bankruptcy - CBS News

    Ukraine, welcome aboard!!! lol
    ...

    So you are saying stuff but you aren't thinking about what you're saying.

    Ukraine's new govt started with a substantial deficit since the previous administration plundered a lot of the public funds and also borrowed a lot. With this situation at hand, plus all the stuff with russia, Ukriane needs a loan to keep going and the EU by means of the IMF has provided this loan. Ukraine is in a tough spot from all points of view.

    And yes, austerity is the way to go, cut down spending, rebuild the state from the ground up, get rid of corruption and let the free market fill in the cracks as much as possible. After this whole thing blows over, Ukraine will be a very tempting country for foreign investment since it's underdeveloped, it has a huge potential from the human resource perspective and there is a lot of improvements to be done. Smart investors will know how to seek opportunities and rebuild the economy. But it needs to survive till may, till after the elections without getting into more of a crisis.

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    Re: IMF pledges Ukraine $18B as PM Arseniy Yatsenyuk warns nation on "brink"

    Quote Originally Posted by Rainman05 View Post
    ...

    So you are saying stuff but you aren't thinking about what you're saying.

    Ukraine's new govt started with a substantial deficit since the previous administration plundered a lot of the public funds and also borrowed a lot. With this situation at hand, plus all the stuff with russia, Ukriane needs a loan to keep going and the EU by means of the IMF has provided this loan. Ukraine is in a tough spot from all points of view.

    And yes, austerity is the way to go, cut down spending, rebuild the state from the ground up, get rid of corruption and let the free market fill in the cracks as much as possible. After this whole thing blows over, Ukraine will be a very tempting country for foreign investment since it's underdeveloped, it has a huge potential from the human resource perspective and there is a lot of improvements to be done. Smart investors will know how to seek opportunities and rebuild the economy. But it needs to survive till may, till after the elections without getting into more of a crisis.
    Must be a paradigm. I see the Western Reserve Banking System about to plunder another dupe with the complicity of In-Country opportunists. That would be the "Billionaires" in charge of Ukraine. Just a big coinky-dink that the USA found a few "Billionaires," banking buddies, to sign the economic agreements. I don't think any agreements can have legitimacy until after an Internationally observed Democratic election.

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    Re: IMF pledges Ukraine $18B as PM Arseniy Yatsenyuk warns nation on "brink"

    Quote Originally Posted by Rainman05 View Post
    ...

    So you are saying stuff but you aren't thinking about what you're saying.

    Ukraine's new govt started with a substantial deficit since the previous administration plundered a lot of the public funds and also borrowed a lot. With this situation at hand, plus all the stuff with russia, Ukriane needs a loan to keep going and the EU by means of the IMF has provided this loan. Ukraine is in a tough spot from all points of view.

    And yes, austerity is the way to go, cut down spending, rebuild the state from the ground up, get rid of corruption and let the free market fill in the cracks as much as possible. After this whole thing blows over, Ukraine will be a very tempting country for foreign investment since it's underdeveloped, it has a huge potential from the human resource perspective and there is a lot of improvements to be done. Smart investors will know how to seek opportunities and rebuild the economy. But it needs to survive till may, till after the elections without getting into more of a crisis.
    No it's not the way to go, and Greece is a good example. You can't get an economy going if people don't have money to spend.

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    Re: IMF pledges Ukraine $18B as PM Arseniy Yatsenyuk warns nation on "brink"

    Quote Originally Posted by MildSteel View Post
    No it's not the way to go, and Greece is a good example. You can't get an economy going if people don't have money to spend.
    The people are supposed to earn money by working in the free market. Private companies. You should have only a few a small fraction of people working for the state, the rest in the private industry.

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    Re: IMF pledges Ukraine $18B as PM Arseniy Yatsenyuk warns nation on "brink"

    Quote Originally Posted by Rainman05 View Post
    The people are supposed to earn money by working in the free market. Private companies. You should have only a few a small fraction of people working for the state, the rest in the private industry.
    There is no such thing as a free market. It only exists as an intellectual abstraction. If there were a free market, the world financial system would have entirely collapsed back in 2008. Even up until very recently, Bernanke was propping it up with 80 billion dollar a month gifts to the banks.

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    Re: IMF pledges Ukraine $18B as PM Arseniy Yatsenyuk warns nation on "brink"

    Quote Originally Posted by MildSteel View Post
    There is no such thing as a free market. It only exists as an intellectual abstraction. If there were a free market, the world financial system would have entirely collapsed back in 2008. Even up until very recently, Bernanke was propping it up with 80 billion dollar a month gifts to the banks.
    ...
    ok I think we're done here. At least I know I am. I can't discuss complex topics with people who are not even educated on the basics.

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    Re: IMF pledges Ukraine $18B as PM Arseniy Yatsenyuk warns nation on "brink"

    Quote Originally Posted by Rainman05 View Post
    ...
    ok I think we're done here. At least I know I am. I can't discuss complex topics with people who are not even educated on the basics.
    No, I'm not the type of person that believes everything someone says just because they have a Phd.

    Think about it, in a free market the banks would have been allowed to fail.

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