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In 2007, Ukraine’s economy grew by 7.3%. Last year it shrank by 9% as it became the first country to seek an IMF bailout. That bailout duly came when the Fund signed an agreement for $16.4 billion. Still, Ukraine’s troubles are far from over, with the country beset by political infighting.
And when they haven’t been fighting each other, Ukraine’s leading politicians have spent much of this year fighting off fears that the country will suffer a sovereign debt default. The irony is that the investor panic is less to do with the sovereign’s financing needs than with the problems faced by the country’s corporate and banking sector.