Ukraine's central bank issued an optimistic press releasesuggesting that the currency was starting to appreciate. Despite this not-quite-so-bad news, there is little reason to be cheery. That is not all. Corruption is a way of life. The second-most unequal is Russia. Ukraine is more unequal than it was in see second chart.

That will wreak further havoc with Ukrainian banks, where non-performing loans make up about one-third of their assets though some say it is much higher than this. It will also crimp business by raising their financing costs: Ukraine's central bank is not exactly helping matters: Currency depreciation also makes it more difficult to repay foreign debt.

As Mr Ash reports: Several bankers observed that there are simply no dollars available, and companies are struggling to pay. Mr Ash agrees with our diagnosis: So far the IMF has given Ukraine about one-third of what it promised in April. But the IMF is still waiting on the outcome of coalition negotiations in Kiev, which are dragging on, before doling out more dosh. More aid will not be forthcoming at make money sending spam until Of course, this slow car-crash could get much faster in March, when official debt-to-GDP figures may be released.

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