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You're reading: Whether leaders know it or not, Ukraine is staring into the abyss

It’s been a long time now since economist Paul Krugman spoke of the Ukrainian economy epitomizing the arrival of what he then termed the “second great depression” when industrial output collapsed at the end of 2008.

But the country’s economy is again reaching the edge of a cliff.

Bloomberg reported earlier this month that Ukraine’s default risk had risen more than any other country in the last six months than Greece.
Part of the problem is political, part of it is economic, and part is a combination of the two.

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