Politically and economically, the Oleksandr Turchynov-Arseniy Yatseniuk team has taken the right moves by agreeing to whatever conditions that the United States, European Union and International Monetary Fund require for a multibillion-dollar bailout. Given the long and deep history of corruption among Ukraine’s elites, any Western aid would be foolish and wasted without stringent outside oversight and without designing new, sustainable mechanisms to prevent and fight corruption.
“It is very important that the world and especially the European Union stand by Ukraine right now,” comments Bankwatch’s executive director Mark Fodor. “Yet the financial package proposed by the EU relies too heavily on loans via institutions whose track record in both Ukraine and Russia has done more to benefit the domestic elites and foreign corporations than the general population. This sounds like just administering more of a medicine that has proven to suffocate the patient in the past.
Militarily, Ukraine finally has the opportunity to gain the West’s help in improving its capability.