Current Issue in Europe: Ukraine Instability
According to Dictionary.com the definition of instability is “the quality or state of being unstable.” In Ukraine, we wonder, why is the economy in such a mess? Corruption and poor governance are major causes of the unstableness in Ukraine. The Ukrainian shadow economy is one of the biggest in the world. Businesses tend not to pay taxes, further depriving the government of funds. In the beginning of March 2014, Ukraine’s new prime minister estimated that $37 billion had gone missing during Viktor Yanukovych’s rule. At this point, Ukraine is not extremely worried about improving economic management. But, larger bills are imminent now, Ukraine needs to find about $25 billion this year to finance foreign creditors. Foreign-exchange reserves are only $12 billion. Will Ukraine default in its own country’s debt? When the crisis does end, addressing its economic backwardness will be a major objective. However, when did instability in Ukraine start? The start of the instability mainly started when the president of Ukraine, President Viktor Yanukovich was elected. Since the removal of President Viktor Yanukovich through deadly anti-government protests, Ukraine has called for fresh presidential elections on May 25. The move was countered by the Crimea administration that voted overwhelmingly to join Russia in a referendum deemed illegitimate by the United States of America, but welcomed by Russia. As the government in Kiev continues to emphasize the need for a united Ukraine, and world leaders strive to avoid military conflict. However, no one can avoid the conflict on the streets. The escalating conflict in Ukraine "essentially puts the nation on the brink of civil war," Russian President Vladimir Putin says. A widespread movement known as 'Euromaidan' demanded closer ties with the European Union, and the ousting of Yanukovych. This movement was ultimately successful, culminating in the 2014 Ukrainian revolution, which removed...
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