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Financial Times: Ukraine needs reforms to stimulate growth

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Sep. 19, 2012 21:13
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After a decade of impressive growth, Ukraine’s economy was one of the hardest-hit in the 2009 recession, and contracted by 15 per cent, according to a Financial Times report.
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In a Financial Times report, Roman Olearchyk and Neil Buckley write: “Five years ago, Europe’s banks were rushing into Ukraine, paying billion-dollar prices to buy its banks in a push into what was considered one of the most promising emerging markets. Today, many of those banks are drowning in bad debt, and winding down once-aggressive retail banking operations; the European parent banks are deleveraging and, in some cases, exiting Ukraine altogether.”

The report continues: “Troubles in the eurozone played their part. But the exodus also reflects a more uncertain economic outlook compared with that of the years before the global financial crisis.”

Click here to read report.

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