Ukraine’s Treasury Empty and Massive Debt!

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Published time: February 27, 2014

‘Treasury empty’, Ukraine’s economy in free fall

Ukraine’s new Prime Minister, opposition leader Arseny Yatsenyuk, has promised the government would do its best to avoid a default, a difficult task as the country’s treasury is empty and the economy is in disarray.

Yatsenyuk says he expects an EU/IMF economic stabilization package soon, but didn’t give any specifics on timing.

Strengthening ties with the European Union and the International Monetary Fund will remain a priority as Ukraine rebuilds, Yatsenyuk said on Thursday in Kiev, Itar-Itass reported.

Yatsenyuk said negotiations with Russia would continue, and he considers the neighboring country “a partner”.

The IMF failed to come through with a loan of $10-15 billion last August, and it remains to be seen what offer they will come up with for the new government. But in December Ukraine signed a $15 billion loan deal with Russia. The first $3 billion was paid to Ukraine in December, but the second installment of $2 billion, is postponed until Moscow deems Ukraine has formed a legitimate government.

Yatsenyuk believes the economic trouble ahead will likely make him the most unpopular PM in Ukraine’s history.

Central Bank woes

Ukraine has a massive debt, both domestically and abroad. Propping up its overvalued currency with interventions has drained much of the country’s foreign exchange reserves, which are now close to $15 billion.

Read More: rt.com

Central Bankster Appointed as Prime Minister of Ukraine

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6 comments on “Ukraine’s Treasury Empty and Massive Debt!
  1. RonMamita says:

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    Ukraine Central Bank Promises Liquidity To Local Banks, With One Condition

    http://www.zerohedge.com/news/2014-02-27/ukraine-central-bank-promises-liquidity-local-banks-one-condition

    While the “developed” world scrambles to find a way to provide Ukraine with a bailout in such a way that Russia doesn’t turn off the gas, Ukraine is doing some scrambling of its own to assure the local banks, which have been plagued by both bank runs and a collapse in the currency to record lows over the past few days, that it will be there to provide funding on a business as usual basis. Itar-Tass reports that “Ukrainian banks will be provided with necessary liquid assets, including cash.” But there is a condition: the funding will only come “if they will remain under open control of the National Bank of Ukraine, the newly-appointed NBU Chairman Stepan Kubiv is quoted as saying on the bank’s official website.”

    From Itar-Tass:

    “Financial and payment systems, which are of vital importance, operate normally, as well as the open market operations do. The situation is under control. We are getting feedback from all of the country’s banks, regardless their size”, he said.

    Kuvib stressed that the National Bank’s gold reserve includes high-liquidity assets. He mentioned such priorities of the Ukrainian banking system as the protection of clients’ interests, as well as the resumption of negotiations with external creditors, the International Monetary Fund in the first place, right after the country’s new government is formed and elaboration of a strict new plan for economic and financial reforms.

    “We are very determined regarding the measures, which will be applied to those who break the mandatory requirements and are involved currency speculations. I am certain the National Bank’s measures will calm the markets and the people and ease devaluation fears”, the bank’s chief said.

    In other words, any and all banks that want to continue operating must pledge allegiance to the brand new central bank governor Kubiv, who previously did not work for Goldman Sachs, but instead was one of the commendants for the EuroMaidan demonstrations. That is not say he has no banking experience at all: previously he used to be head of Kredbank. Who is Kredbank? As it turns out, it is the bank with the largest Polish investment in banking institution in Ukraine. Kredobank national network contains central branch and 130 outlets throughout Ukraine. Today, European investment is 99.6% in the share capital of Kredobank, Ukrainian capital is 0.4%.

    At least it is clear where the Ukrainian central banker’s allegiances lie, and under whose “open control” suddenly the entire Ukrainian banking sector has fallen under. And just like that, Europe knows everything these is to know about all assets held within the Ukrainian banking system by the local population.

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  2. RonMamita says:

    Central Banker Appointed as Prime Minister of Ukraine

    A reshuffled Ukrainian Parliament installed following a coup last week has voted to appoint Arseniy Yatsenyuk as the new prime minister of the country. Yats, as Victoria Nuland, the Assistant Secretary of State for European and Eurasian Affairs at the U.S. State Department, called him, is a natural choice. He is a millionaire former banker who served as economy minister, foreign minister and parliamentary speaker before Yanukovych took office in 2010. He is a member of Yulie Tymoshenko’s Fatherland Party. Prior to the revolution cooked up by the State Department and executed by ultra-nationalist street thugs, Tymoshenko was incarcerated for embezzlement and other crimes against the people of Ukraine. Now she will be part of the installed government, same as she was after the last orchestrated coup, the Orange Revolution.

    Yats will deliver Ukraine to the international bankers. “Ukraine is on the brink of bankruptcy and needs to be saved from collapse — Yatsenyuk has a strong economic background,” Ariel Cohen, senior fellow at the Washington-based Heritage Foundation, told Bloomberg on Wednesday. “Ukraine faces difficult reforms but without them there won’t be a successful future.”

    Discussion with the IMF is crucial, US Treasury Secretary Jacob Lew said earlier this week. In order to cinch the deal, the U.S. government will sweeten the pot. Lew talked with the IMF boss, Christine Lagarde, about Ukraine as he headed back from a globalist confab, the G-20 meeting in Sydney, Australia.

    “Secretary Lew informed Managing Director Lagarde that he had spoken earlier in the day with Ukrainian leader Arseniy Yatsenyuk and advised him of the broad support for an international assistance package centered on the IMF, as soon as the transitional Ukrainian government is fully established by the Parliament,” MNI News reported on Monday. “Secretary Lew also noted that he had communicated to Mr. Yatsenyuk the need to quickly begin implementing economic reforms and enter discussions with the IMF following the establishment of the transitional government.”

    Ukraine’s story is right out of the IMF playbook. The nation’s corrupt leaders past and present – most notably Tymoshenko, who went to prison for corruption and wholesale thievery – have enriched themselves at the expense of ordinary Ukrainians.

    “Ukraine at the dawn of independence was among the ten most developed countries, and now it drags out a miserable existence,” Communist Party leader Petro Symonenko said last year. The nation’s leaders “signed a memorandum with the International Monetary Fund to meet the requirements of the oligarchs, but on the other hand — to timely pay the interest on the IMF loans and to raise the prices for gas and electricity,” Symonenko said.

    The Orange Revolution – initiated by NED, IRI, Soros and the CIA – installed a rogue’s gallery of self-seeking sociopaths who further bankrupted a country already seriously debilitated by corruption.

    For the IMF and the financial elite, Ukraine is nothing less than a tantalizing bounty. “Its fertile black soil generated more than one-fourth of Soviet agricultural output, and its farms provided substantial quantities of meat, milk, grain, and vegetables to other republics,” notes ABO, a website covering energy resources. “Likewise, its diversified heavy industry supplied the unique equipment (for example, large diameter pipes) and raw materials to industrial and mining sites (vertical drilling apparatus) in other regions of the former USSR.”

    After breaking away from the Soviet Union and declaring independence, it was thought the country would “liberalize” its industry and resources, in other words open them up for privatization by transnational corporations and international banks, but this did not happen quickly enough for the financiers and the corporatists.

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  3. RonMamita says:

    Russia Responds To US Warning: Expands Military Presence Globally

    .
    Shortly after the US warned Russia over its “provocative actions” with regard Ukraine…

    *KERRY: RUSSIA MILITARY MOVE ON UKRAINE WOULD BE GRAVE MISTAKE

    RiaNovosti reports
    http://en.ria.ru/military_news/20140226/187917901/Russia-Seeks-Several-Military-Bases-Abroad–Defense-Minister.html
    defense minister Sergei Shoigu saying Russia plans “to expand permanent military presence outside its borders by placing military bases in a number of foreign countries,” including Vietnam, Cuba, Venezuela, Nicaragua, the Seychelles, and Singapore. “The talks are under way, and we are close to signing the relevant documents,” Shoigu told reporters in Moscow.

    Via RiaNovosti,

    Russia is planning to expand its permanent military presence outside its borders by placing military bases in a number of foreign countries, Defense Minister Sergei Shoigu said Wednesday.

    Shoigu said the list includes Vietnam, Cuba, Venezuela, Nicaragua, the Seychelles, Singapore and several other countries.

    “The talks are under way, and we are close to signing the relevant documents,” Shoigu told reporters in Moscow.
    The minister added that the negotiations cover not only military bases but also visits to ports in such countries on favorable conditions as well as the opening of refueling sites for Russian strategic bombers on patrol.

    Moscow currently has only one naval base outside the former Soviet Union – in Tartus, Syria, but the fate of this naval facility is uncertain because of the ongoing civil war in that country.

    Post-Soviet Russia closed a large naval base in Vietnam and a radar base in Cuba in 2002 due to financial constraints.
    However, Russia has started reviving its navy and strategic aviation since mid-2000s, seeing them as a tool to project the Russian image abroad and to protect its national interests around the globe.

    Now, Moscow needs to place such military assets in strategically important regions of the world to make them work effectively toward the goal of expanding Russia’s global influence.

    http://www.zerohedge.com/news/2014-02-26/russia-responds-us-warning-expands-military-presence-globally

    Like

  4. RonMamita says:

    Finance Debt and George Soros Are Key Indicators

    Published on Feb 27, 2014

    Joseph comments about the wider geopolitical situation developing as a result of the unrest in the Ukraine

    Like

  5. RonMamita says:

    Remember: All wars are bankers’ wars

    28 Feb 2014
    Mike Rivero exposes the central bankster coup d’etat of Ukraine
    their banks have restricted depositor’s withdrawals as they accept central banker puppet (Yatsenyuk) installment in prime minister position…

    Like

  6. RonMamita says:

    Asst. Secretary for European Affairs, Victoria Nuland, said “That would be great to help glue this thing and to have the U.N. help glue it. And you know, f*ck the E.U.”

    The U.S. government’s top official in Europe risked triggering a diplomatic crisis after she was caught on tape saying ‘F*** the E.U.’.

    Victoria Nuland, the assistant secretary of state for European Affairs, made the comment while discussing how to resolve the crisis in Ukraine which is gripped by fierce protests.

    But her private telephone conversation with Geoffrey Pyatt, the U.S. ambassador to the country, appears to have been intercepted and uploaded onto Youtube by an anonymous user.

    In it, she tells her colleague about discussions with other top American officials about how to end the deadlock, and how she wants to appoint a United Nations representative to broker a deal between the government and opposition.

    She says of her proposed deal: ‘That would be great to help glue this thing and to have the U.N. help glue it. And you know, f*** the EU.’

    Like

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