Economics and politics - comment and analysis
20. March 2015 I Heiner Flassbeck I Economic Policy, Europe, Financial Markets

Ukraine under friendly fire – destroying an economy in order to save it?

This is the (updated) translation of an article that was published March 9, 2015 on flassbeck-economics. We intend to publish one article in English every week to allow more readers to follow closely our analysis of global and European events. Anyone who still thinks that the International Monetary Fund (IMF), and consequently the Western industrialized countries that control it, pu…


This is the (updated) translation of an article that was published March 9, 2015 on flassbeck-economics. We intend to publish one article in English every week to allow more readers to follow closely our analysis of global and European events.

Anyone who still thinks that the International Monetary Fund (IMF), and consequently the Western industrialized countries that control it, put pressure on ‘unfriendly Leftist governments’ in order to save them is completely wrong. The IMF has pushed the Ukraine, which is considered by most Western politicians as the ultimate bulwark against alleged Russian hegemony and imperialism in Eastern Europe, into a severe crisis, thus making the country ungovernable.

The Central Bank of Ukraine has once again increased its key interest rate last week, this time by more than ten per cent, from 19 to 30 per cent. All of this goes largely unnoticed by the German media, because the German press follows an unwritten rule that they will only report positive news about the Ukraine. The Financial Times reports that since mid-January, the interest rate has doubled: a thirty per cent interest rate in a county where the inflation at the end of 2014 was just over ten per cent, while it…
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