Monday, November 03, 2008

Ukraine's public debt

During Friday's live marathon TV debate in which president Yuschenko and PM Tymoshenko sat with a couple of metres of one another, the president accused the PM's government of plunging into debts "like a bitch into fleas”. [This was not the only mysogynistic remark made during the debate.]

In fact Ukraine's public debt as percentage of gross domestic product ratio was recently a remarkably low 12%. Well over one hundred countries, including all the world's major democracies, have a higher public debt to GDP ratio.

In August this year this ratio dropped to 9%.

Your blogger has an iron rule not to make disparaging remarks about any politician, and will not make an exception for Ukraine's president who was talking with head head up his ****

p.s. Watch Yulia Tymoshenko answering questions in Sunday night's hour-long '5-iy Kanal' broadcast here

In a masterful performance she bitterly complains about her treatment in Friday night's 'Inter' broadcast almost at the end of this video recording.

p.p.s. There are reports that there could be mass protests by metallurgical workers and miners by the end of the week. Forced lay-offs and axing of wages resulting from the global economic down-turn are beginning to bite in Ukraine..There could be half a million more unemployed workers in Ukraine by Christmas..

3 comments:

Anonymous said...

I would like to make sure that I heard it right, in Russian. Azarov telling Yulia that he is sorry for her being a woman. Or sympathizing to that effect. This what turns me off as an American Ukrainian to UKY politics. I think that Yulia comes off sincere. Sometimes devious, but not to call her what Yush did. Yush is out of touch and I hope women, who vote punish him.

elmer said...

I have a question for you.

During the 4-hour drama queen performances on TV by Yushchenko and Yanukovych and Azarov and others, Yushchenko seemed to be saying that the IMF loan should and would be used to prop up the hryvnia. And that having a sort of "reserve wad of cash" would be enough to stablize the hryvnia, because it would send a signal to world currency markets that Ukraine would be able to step in at any time to "defend" the hryvnia exchange rate, pegged to the dollar.

The IMF seems to be saying that the hryvnia, Ukraine's currency, should be allowed to "free float."

Am I incorrect in my understanding?

And, yes, after all those loyal voters voted for the oligarchs, and, through the Party of Regions, told them that they had already "improved their lives today," I think laid off workers are entitled to be hopping mad.

I think that the Party of Regions especially will have a tough time with laid off workers.

Particularly when one considers all the paintings and mansinos in London bought by the likes of Pinchuk and Kuchma's daughter, and the yachts and jets, not to mention the mansions in Ukraine for the likes of Yanukovych and company.

LEvko said...

On the IMF loan conditions check out http://leopolis.blogspot.com/2008/10/hard-at-work.html


Ukraine may experience a 'double whammy' on unemployment. To add to those laid off in the big industrial enterprises in the eastern and central parts of the country, there may be thousands of Ukrainians who are currently working in other European countries, and who may have to return. Gloomy prediction [and loads of stats] for the EU in the European Commission's latest economic forcast here: http://ec.europa.eu/economy_finance/publications/publication13290_en.pdf