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June 8 could have become the turning point in Ukraine’s ill-fated fight with corruption.

After all, President Viktor Yanukovych publicly acknowledged that corruption annually costs the budget at least $2.5 billion in lost revenues. Additionally, nearly 15 percent of the budget – or $7.4 billion – gets stolen by state officials through shady public procurement procedures.

“In the last 15 months we have worked hard on corruption eradication,” Yanukovych said, in what was meant to be a sign of hope for Ukraine, one of Europe’s poorest nations but also home to some of the continent’s richest billionaires.

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