A SUPPLEMENT TO EUROMONEY/APRIL 1998: EASTERN EUROPE
Just two years ago, when shareholders for the European Bank for Reconstruction and Development (EBRD) decided to hold their 1998 annual conference in Kiev, most were convinced Ukraine would be an investor’s paradise by now. As one analyst puts it, “Ukraine was seen as a magnificent Russia convergence play.”
But now, just before the early May conference, Ukraine has instead found itself in embarrassing financial straits. The US and the IMF, perhaps quick to spot an opportunity, have threatened to suspend financial assistance on the very eve of the conference unless the government makes immediate reform concessions.
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