BBC World Service

Ukrainian economy goes from bad to worse

Kai Ryssdal Jan 23, 2014
HTML EMBED:
COPY
BBC World Service

Ukrainian economy goes from bad to worse

Kai Ryssdal Jan 23, 2014
HTML EMBED:
COPY

Vice President Biden got on the phone today with Ukrainian president Viktor Yanukovich.

The vice president said there would be “consequences” for the U.S.-Ukraine relationship if the violence and protests in Kiev continued. Demonstrations have been going on for months now.

David Stern is the BBC correspondent in Ukraine.

He says no matter what shakes out politically in Kiev, the economic damage has been done:

“It’s difficult to see how they can extract themselves out of this situation. What Mr. Yanukovich seems to have done with his deal with Russia where he got $15 billion in prospective loans and also cheaper gas is to have fended off an economic disaster. And I’ve been told it was possibly just weeks away. Now he’s managed to buy himself a little bit of breathing room. But he’s definitely not bought himself a successful economy. Ukraine is in recession right now. It doesn’t look like it’s going to get out. And the turbulence doesn’t make it look like a very (economically) attractive place. But let’s be honest, if the turbulance wasn’t there it wouldn’t be that attractive of a place.”

 

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.