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Poroshenko Tells IMF Ukraine Now Needs $50 Billion As Fascist Militias Threaten Kiev

Ukraine President Petro Poroshenko has reportedly told the IMF his country now needs $50 billion to shore up its finances. Ukraine already reached a bailout agreement with the IMF in April of last year for $17 billion, but that is apparently not enough. The Ukraine government has also said it needs to restructure (read default on) its current bond agreements with investors.

The financial crisis for Ukraine comes as the country faces political crises stemming from both separatists in East Ukraine and an insurgency in West Ukraine led by neofascist warlords according to the pro-NATO Atlantic Council. The political instability alone is enough to rattle bondholders let alone the systemic corruption that has plagued Ukraine’s economy for decades.

While the battles in the east may begin calming down with a recent agreement (or not), there does not seem to be any solution to the problems in the west where the “volunteers” are now threatening the Poroshenko government.

During the spring and summer, many of these volunteer forces exhibited remarkable courage and helped stem the Russian-backed offensive. In the months that followed, most were integrated into the interior or defense ministries as special-status units.

But now several of these units, especially those linked to oligarchs or the far right, are revealing a dark side. In recent months, they have threatened and kidnapped government officials, boasted that they will take power if Ukrainian President Petro Poroshenko fails to defeat Russia, and they served as armed muscle in illegal attempts to take over businesses or seize local governments.

So the US and friends overthrew President Viktor Yanukovich only to install Viktor Frankenstein? The neofascist militias were armed and empowered by the new gang in Kiev and the US to fight the separatists – now they are apparently out of control and threatening their old masters. If only there was some parallel in European history that fit this tragic chain of events.

In any case, prospects are dim for a Ukraine turnaround anytime soon which makes the European states less than enthusiastic about letting Ukraine into the EU. As the new bailout request shows, Ukraine will be a drain on EU resources not to mention its membership will further infuriate Russia.

All in all the Euromaidan “revolution” has turned out to be an unmitigated disaster for everyone, especially the people of Ukraine.

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Dan Wright

Dan Wright

Daniel Wright is a longtime blogger and currently writes for Shadowproof. He lives in New Jersey, by choice.