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Ukraine is Near to Default More than Ever

Ukraine is Near to Default More than Ever

Ukraine was close to a default because of the world economic crisis strengthened by crisis of power in the country, known financier George Soros considers.

"Ukrainian economy - is one of those which suffered most strongly from crisis. Ukraine approached default closely. It's already good that it managed to avoid awful situation," - Soros said during call-in show with participants of the 6th international forum "Yalta European Strategy".

Thus, the financier considers that "political situation when only the president without the government supervises central bank" became one of the reasons of especially strong influence of economic crisis on Ukraine".

According to Soros, vulnerability of the Ukrainian economy is aggravated also by strong dependence on the heavy industry.

George Soros does not exclude new retardation in economic development. According to Soros, present financial and economic crisis - "is the worst crisis in our lives".

"All international financial system used artificial system", - he said having added that exactly due to this fact "patient" was reanimated. "After reanimation some alignment of condition of "the patient" (world economy) happened. New falling, new retardation in development (of economy) could still take place or it will be gradual return to health, very slow economic growth", - Soros noted.

- Thereafter the weakest economies to which the Ukrainian one belongs all this time will be in near-default condition as, if to talk about Ukraine, there is no base to talk about alignment of a situation or changes to the best, - editor-in-chief of FORUM.msk Anatoly Baranov being at the moment in Ukraine supposes. - "Naftogaz of Ukraine" has just suggested creditors to exchange eurobonds for $500 million with repayment on September, 30th, 2009 on new papers with state guarantee and repayment in 2014. If it's not default, than what it is? Actually it is the company which, in essence, has no serious expenses - purely profitable company. What could be said then about real manufacture, where there are out-of-date fixed capital and labour collectives which don't receive salary? Let's say, we received the following data - in August decrease in the real salary across Ukraine made almost 12 percent. Thus in the beginning of the year Timoshenko's cbinet had real chance to change situation - to agree on requirements of the workers of Combine Factory in Kherson which were trying to get transfer of management by factory to Council of labour collective and firm state order. It, of course, would lead to "chain reaction" all over the country, apparently it frightened Timoshenko. Now all the country is in position "Give!" as nobody does nothing but for a handful of large owners and a handful of bureaucrats of the highest level. While they could have absolutely different reality - responsibility would be divided between heaps of people. The same Soros names China the new locomotive of economy. After all 40 percent of enterprises in China belong to labour collectives and everything's ok there. But Ukraine (as well as Russia) wishes to go the same way which led the USA and Europe in deadlock. One could wish us good luck...

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