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Author Topic: 5 Things You Should Know About Current Ukrainian Crisis  (Read 32758 times)

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Offline jone

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5 Things You Should Know About Current Ukrainian Crisis
« on: December 03, 2013, 11:59:39 AM »
I picked this up from Forbes through this Forum's friend, Galyna, who is an occasional visitor here.  It gives a great perspective on understanding the underpinnings of the current Ukrainian upheaval.
Quote
Confused About What's
Happening In Ukraine? Here Are
5 Things You Should Know

by Mark Adomanis, Contributor



The drama that is currently unfolding on the streets of Kiev has understandably drawn an enormous amount of media attention. At a time when the EU is in such a funk, and when its diffidence in dealing with the aftereffects of the financial crisis has caused it to lose the faith of so many Europeans, it’s more than a little heartening to see hundreds of thousands of Ukrainians out in force demanding a chance to integrate with it.

I don’t think it’s an exaggeration, though, to say that until the recent protests Ukraine was simply not on many peoples’ radars. So for the sake of everyone’s understanding here are five important things that you should know about Ukraine that help to put its current travails into perspective.

1) Ukraine has stark regional political differences

The image below is an electoral map of the 2010 presidential elections that pitted the now current president Viktor Yanukovych against the now jailed Yulia Tymoshenko. Red is Tymoshenko and blue is Yanukovych, and the darker the color the stronger their level of support.Kiev, the scene of the most
significant of the ongoing protests is the small white blob in slightly northwest of the center and was firmly in Tymoshenko’s camp.

The fact that Kiev didn’t vote for Yanukovych doesn’t make the protests there unimportant, but it is worth keeping in mind that Kiev was never a fan of his to begin with. Yanukovych’s power base has always been located in the country’s south and east. So far, there haven’t been any noteworthy protests in the Russian-speaking industrial regions that pushed him into office, suggesting that his core of supporters has not (yet!) deserted him.

2) Ukraine’s economy got clobbered by the financial crisis, and still hasn’t recovered

After a strong burst of growth during the 2000′s Ukraine’s economy shrank by almost 15% in 2009, making it one of the world’s worst performers. Since then it posted a few years of decent growth but has recently slumped back into stagnation. The current unrest obviously has political causes as well, but
Ukraine’s sclerotic economy also helps to explain why people are so fed up.

3) Ukraine’s currency (the Hryvnia) has a totally crazy and increasingly indefensible peg to the US Dollar

What do exchange rates have to do with street protests? Well part of the reason that Ukraine’s economy has been so weak is that its currency is hugely overvalued. Ukraine has an informal peg of roughly 8 to the dollar, a level that has been essentially unchanged since 2009. The US dollar has actually fared
quite well over the past few years, and so Ukraine’s currently has been appreciating in comparison to those of its neighbors (depressing exports and encouraging imports).

Yanukovych has been desperate to avoid devaluation because of the enormous short-term harm to living standards and the enormous political damage to him and his party. This is why Ukraine has been so focused on finding a better “deal” from Europe or Russia, and why it has been so insistent on short-term infusions of resources: Yanukovych will do whatever he can to postpone devaluation until after the 2015 presidential election but he needs a big wad of cash in order to do so.

4) Ukraine is running out of money

During the boom years of the 2000′s Ukraine built up a reasonably large cushion of foreign currency reserves. However it has been relentlessly burning through these reserves since early 2011, and they are approaching a critically low level. At some point in the near future Ukraine will need to stop living beyond its means, but this will obviously have a negative impact on the broader economy and on popular living standards. Yanukovyh, therefore, has been determined to postpone the day of reckoning for as long as possible in the hope that he will be able to arrange a cash infusion from the Russians or the Europeans.

5) Ukraine’s population is in free fall

You often hear Ukraine described as an “eastern European nation of 45 million people,” but it wasn’t all that long ago that it was a nation of more than 50 million. Ever since the collapse of the Soviet Union, Ukraine’s population has been in a relentless and unending decline.

What relevance does this have to the street protests in Kiev? Well even someone as demographically-focused as myself can’t draw a direct causal link between demographic decline and political instability, but the fact that Ukraine is quickly emptying out is worth keeping in mind when one thinks about the country’s future course.

Ukraine is not a “prize,” it’s a rapidly aging society that is one of the most demographically unstable in the planet.Regardless of whether Ukraine integrates with Europe or with Russia it is going to face massive challenges from a shrinking and aging workforce.

Quote

Ops Note: I tried to put these attachments to line up with the points.  Perhaps a moderator could do that for me as I don't know how.
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Offline Shadow

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Re: 5 Things You Should Know About Current Ukrainian Crisis
« Reply #1 on: December 03, 2013, 12:46:25 PM »
Yanukovich may follow and old Russian strategy. If you want people to be happy with what they have, make it worse then make it as it was, and all will be happy.
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Offline Muzh

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Re: 5 Things You Should Know About Current Ukrainian Crisis
« Reply #2 on: December 03, 2013, 12:55:12 PM »
Here you go Jone
Confused About What's
Happening In Ukraine? Here Are
5 Things You Should Know

by Mark Adomanis, Contributor


The drama that is currently unfolding on the streets of Kiev has understandably drawn an enormous amount of media attention. At a time when the EU is in such a funk, and when its diffidence in dealing with the aftereffects of the financial crisis has caused it to lose the faith of so many Europeans, it’s more than a little heartening to see hundreds of thousands of Ukrainians out in force demanding a chance to integrate with it.

I don’t think it’s an exaggeration, though, to say that until the recent protests Ukraine was simply not on many peoples’ radars. So for the sake of everyone’s understanding here are five important things that you should know about Ukraine that help to put its current travails into perspective.

1) Ukraine has stark regional political differences

The image below is an electoral map of the 2010 presidential elections that pitted the now current president Viktor Yanukovych against the now jailed Yulia Tymoshenko. Red is Tymoshenko and blue is Yanukovych, and the darker the color the stronger their level of support.Kiev, the scene of the mostsignificant of the ongoing protests is the small white blob in slightly northwest of the center and was firmly in Tymoshenko’s camp.



The fact that Kiev didn’t vote for Yanukovych doesn’t make the protests there unimportant, but it is worth keeping in mind that Kiev was never a fan of his to begin with. Yanukovych’s power base has always been located in the country’s south and east. So far, there haven’t been any noteworthy protests in the Russian-speaking industrial regions that pushed him into office, suggesting that his core of supporters has not (yet!) deserted him.

2) Ukraine’s economy got clobbered by the financial crisis, and still hasn’t recovered

After a strong burst of growth during the 2000′s Ukraine’s economy shrank by almost 15% in 2009, making it one of the world’s worst performers. Since then it posted a few years of decent growth but has recently slumped back into stagnation. The current unrest obviously has political causes as well, but Ukraine’s sclerotic economy also helps to explain why people are so fed up.
 



3) Ukraine’s currency (the Hryvnia) has a totally crazy and increasingly indefensible peg to the US Dollar

What do exchange rates have to do with street protests? Well part of the reason that Ukraine’s economy has been so weak is that its currency is hugely overvalued. Ukraine has an informal peg of roughly 8 to the dollar, a level that has been essentially unchanged since 2009. The US dollar has actually fared quite well over the past few years, and so Ukraine’s currently has been appreciating in comparison to those of its neighbors (depressing exports and encouraging imports).



Yanukovych has been desperate to avoid devaluation because of the enormous short-term harm to living standards and the enormous political damage to him and his party. This is why Ukraine has been so focused on finding a better “deal” from Europe or Russia, and why it has been so insistent on short-term infusions of resources: Yanukovych will do whatever he can to postpone devaluation until after the 2015 presidential election but he needs a big wad of cash in order to do so.

4) Ukraine is running out of money

During the boom years of the 2000′s Ukraine built up a reasonably large cushion of foreign currency reserves. However it has been relentlessly burning through these reserves since early 2011, and they are approaching a critically low level. At some point in the near future Ukraine will need to stop living beyond its means, but this will obviously have a negative impact on the broader economy and on popular living standards. Yanukovyh, therefore, has been determined to postpone the day of reckoning for as long as possible in the hope that he will be able to arrange a cash infusion from the Russians or the Europeans.
 


5) Ukraine’s population is in free fall

You often hear Ukraine described as an “eastern European nation of 45 million people,” but it wasn’t all that long ago that it was a nation of more than 50 million. Ever since the collapse of the Soviet Union, Ukraine’s population has been in a relentless and unending decline.

What relevance does this have to the street protests in Kiev? Well even someone as demographically-focused as myself can’t draw a direct causal link between demographic decline and political instability, but the fact that Ukraine is quickly emptying out is worth keeping in mind when one thinks about the country’s future course.

Ukraine is not a “prize,” it’s a rapidly aging society that is one of the most demographically unstable in the planet.Regardless of whether Ukraine integrates with Europe or with Russia it is going to face massive challenges from a shrinking and aging workforce.

To argue with a man who has renounced the use and authority of reason, and whose philosophy consists in holding humanity in contempt, is like administering medicine to the dead. Thomas Paine - The American Crisis 1776-1783

lordtiberius

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Re: 5 Things You Should Know About Current Ukrainian Crisis
« Reply #3 on: December 03, 2013, 02:45:52 PM »
The US Diplomats on twitter are twittering about this interview given by this Clintonian Ambassador.
http://en.wikipedia.org/wiki/Steven_Karl_Pifer




http://en.wikipedia.org/wiki/Nuclear_weapons_and_Ukraine

Quote
Budapest Memorandum  . . .  may be summarized as follows: Russia, the UK and the USA undertake to respect Ukraine's borders in accordance with the principles of the 1975 CSCE Final Act, to abstain from the use or threat of force against Ukraine, to support Ukraine where an attempt is made to place pressure on it by economic coercion, and to bring any incident of aggression by a nuclear power before the UN Security Council.

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Re: 5 Things You Should Know About Current Ukrainian Crisis
« Reply #4 on: December 03, 2013, 05:56:14 PM »
How much of the decline in population is due to having fewer babies and how much is due to emigration?

lordtiberius

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Re: 5 Things You Should Know About Current Ukrainian Crisis
« Reply #5 on: December 03, 2013, 08:03:31 PM »
dunno

http://en.wikipedia.org/wiki/Demographics_of_Ukraine

Quote
-3.1 Decrease people/1,000 population (2012)

lordtiberius

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Re: 5 Things You Should Know About Current Ukrainian Crisis
« Reply #6 on: December 04, 2013, 09:26:11 PM »
http://www.reuters.com/article/2013/12/04/ukraine-reserves-idUSL5N0JJ3CR20131204

Ukraine reserves depleted

bank runs?
Quote
Based on a comparison of monthly import needs and maturing short-term debt, Ukraine's reserves compare poorly with most of its peers, according to the following graphic, based on data released by Bank of America Merrill Lynch on Wednesday:

Ukrainian reserves have almost halved from a 2011 high of close to $40 billion as its currency and exports have faltered.

"Among the big high-yielding emerging markets we would think Ukraine is the riskiest one," said David Hauner,

One yardstick of reserve adequacy is the number of months of imports the reserves will buy, with three months deemed to be the safe minimum.

The second, based on the so-called Guidotti-Greenspan rule, requires reserves to be at least equal to foreign debt payments in the coming year. The rationale is countries should have enough reserves to resist a sudden stop in external financing.

Ukraine's plight contrasts with the reassuring picture across much of the developing world - Turkey is the only other emerging country showing a reserves-to-short-term debt ratio of under 1.

A key difference between Ukraine and most other emerging markets today is that its currency is tightly controlled, meaning authorities must often spend reserves supporting it. The central bank sold dollars again on Wednesday, as the hyrvnia slipped to a new four-year low against the dollar


Putin's Bacon in a pickle?

Quote
http://www.reuters.com/article/2013/12/03/ukraine-banks-idUSL5N0JI2SI20131203

Russian banks exposed in Ukraine political crisis

Ukraine seems to have little immediate prospect of additional financial help to meet its big external deficits and financing needs, making it even less attractive to the foreign banks that flocked there before the 2008 collapse of Lehman Brothers triggered the worst of the global financial crisis.

according to a Raiffeisen Research survey - Russian banks have maintained a strong market presence, . . . accounting for 12 percent.

in a credit outlook note this week, ratings agency Moody's cited Russian President Vladimir Putin as saying Ukrainian borrowers owed around $28 billion to four Russian banks and named Gazprombank, Vnesheconombank (VEB), Sberbank and Bank VTB as creditors.

"We estimate that these banks' exposure to Ukrainian risk is $20-$30 billion, a sizeable amount indeed, considering that their combined Tier 1 capital was $105 billion in June," Moody's said.

Moody's, which estimated that 35 percent of all bank loans in Ukraine were problem loans, said the country's severe economic problems would keep local borrowers under pressure and could result in higher loan losses for the Russian lenders.

Ukraine's debts are mounting and may no longer afford to ignore the lure of the West

http://www.theglobeandmail.com/report-on-business/ukraines-protesters-find-unusual-ally-in-business/article15773343/

Ukraine’s protesters find unusual ally in business
« Last Edit: December 04, 2013, 09:35:44 PM by lordtiberius »

lordtiberius

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Re: 5 Things You Should Know About Current Ukrainian Crisis
« Reply #7 on: December 04, 2013, 09:44:25 PM »
http://www.shanghaidaily.com/article/article_xinhua.aspx?id=184931
An expose on the 5 opposition groups

Ukraine is on track for a sovereign debt crisis.  It can't afford to pay Russia's bills or follow Russia's ways.
http://for-ua.com/main/2013/12/04/212008.html

Sergey Arbuzov
http://en.wikipedia.org/wiki/Serhiy_Arbuzov

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Re: 5 Things You Should Know About Current Ukrainian Crisis
« Reply #8 on: December 09, 2013, 10:27:57 PM »
Other things to keep in mind about this opposition movement.
1- Yanuykovych has been telling his country that he will sign the trade deal with the EU. He has been saying this for years. Right before the meeting in Vilnius, Lithuania, Yanu did an about-face. He did not sign the deal, citing pressure from Russia.
2- When Yanu's govt realized there would be massive protests in Kyiv, Yanu's judges implemented a law stating that it was illegal to assemble in the public squares. This basically made it illegal to protest against him.
3- Yanukovych has been consolidating power, including the jailing of political prisoners, like former Prime Minister Yulia Tymoshenko, his main opponent. The opposition wants to make the jailing of political prisoners illegal.
4- The people of Ukraine now realize that their govt is heading away from democracy and toward a Putin-like dictatorship, complete with crackdowns on media/free press.

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Re: 5 Things You Should Know About Current Ukrainian Crisis
« Reply #9 on: December 10, 2013, 06:23:34 PM »
The latest on Yulia...
Quote
The current president, Viktor Yanukovych, stands accused by protesters of turning his back on Europe, after refusing to sign a partnership agreement with the EU. They also accuse him of conducting a vendetta against former Prime Minister Yulia Tymoshenko, who was imprisoned more than two years ago for abuse of power. 
Outside General Clinic No 5, in the Ukrainian city of Kharkiv, the incongruity of it all was striking.
The hospital, in which opposition leader Yulia Tymoshenko is held, is something out of Soviet times - an ugly, concrete monstrosity where security men in plain clothes patrol the grounds, keeping prying eyes away from a woman regarded by millions of supporters as a political prisoner.



Eugenia Tymoshenko has kept her mother's plight in the spotlight

http://www.bbc.co.uk/news/world-europe-25305254
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Re: 5 Things You Should Know About Current Ukrainian Crisis
« Reply #10 on: December 10, 2013, 09:17:12 PM »
That evil witch got off light for all the damage she caused to Ukraine.
After the fall of communism, the biggest mistake Boris Yeltsin's regime made was not to disband the KGB altogether. Instead it changed its name to the FSB and, to many observers, morphed into a gangster organisation, eventually headed by master criminal Vladimir Putin. - Gerard Batten

lordtiberius

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Re: 5 Things You Should Know About Current Ukrainian Crisis
« Reply #11 on: December 10, 2013, 10:44:48 PM »
Clooney is for Tymoshenko.

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Re: 5 Things You Should Know About Current Ukrainian Crisis
« Reply #12 on: December 11, 2013, 09:07:33 AM »
That evil witch got off light for all the damage she caused to Ukraine.

 ::) Yeah OK if you say so? 
So that grants  Yanukovych sainthood?
I'll settle with the historical record.
 
 
Quote
Tymoshenko was charged of abuse of power and embezzlement, as allegedly biased court found the deal anti-economic for the country and abusive. On 11 October 2011, a Ukrainian court sentenced Tymoshenko to seven years in prison after she was found guilty of all charges. The sentence caused public protests in front of the court house.[19] The trial was viewed by many international organizations, such as the Danish Helsinki Committee as a politically-charged persecution that violates the law.[20] ...The European Union and other international organizations sees the conviction as "justice being applied selectively under political motivation."[29] The European Union has shelved the European Union Association Agreement and Deep and Comprehensive Free Trade Agreement with Ukraine over the issue.[30][24][31] The EU has repeatedly called for release of Yulia Tymoshenko as main condition for signing the EU Association Agreement.


http://en.wikipedia.org/wiki/Yulia_Tymoshenko

Thug Victor expunges his own record..

Quote
Criminal convictions On 15 December 1967, at the age of 17, Yanukovych was sentenced to three years incarceration for participating in a robbery and assault.[18] The sentence was later reduced to 18 months as part of the amnesty announced in commemoration of the 50th anniversary of the October Revolution. The court did not show Yanukovych clemency, a practice common for young, first-time offenders. At the court trial Yanukovych pleaded guilty and did not appeal his sentence even though he had the chance to do so at the expense of the state.[citation needed]
On 8 June 1970 he was convicted for a second time on charges of assault and was sentenced to two years of imprisonment. The verdict was not appealed. Decades later, Yanukovych characterized his arrests and incarceration as "errors of youth".[19]
On 11 July 2005, the office of the Donetsk Oblast Prosecutor charged Mr. Yanukovych with fraud[20] stemming alleged irregularities in the way his convictions were expunged twenty years earlier.[21] In 2006 the General Prosecutor of Ukraine closed the case due to lack of evidence.[22] In 2006 a criminal charge was filed for the falsification of documents regarding the alleged quashing of Yanukovych's prior convictions after it was discovered that two documents had been forged. The signature of the judge in Yanukovych's case had also been forged as a charge of battery.[18][19] The charge failed because all documentation regarding the conviction had been destroyed due to its expiry.[citation needed] However, there were no official records regarding the destruction of these documents.[original research?]
On 29 January 2010 the Prosecutor General of Ukraine Oleksandr Medvedko claimed that Yanukovych was unlawfully jailed in his youth, which astonished the (then) Minister of Internal Affairs Yuriy Lutsenko.[23][24]

http://en.wikipedia.org/wiki/Viktor_Yanukovych
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lordtiberius

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Re: 5 Things You Should Know About Current Ukrainian Crisis
« Reply #13 on: December 11, 2013, 09:22:10 AM »
Song about Yanukovych by Hammerman obliterates Viruses

sounds like Mack the Knife


Has the opposition announced any plan of action to remove Yanukovych or the Azarov government?

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Re: 5 Things You Should Know About Current Ukrainian Crisis
« Reply #14 on: December 11, 2013, 09:41:55 AM »
::) Yeah OK if you say so? 
So that grants  Yanukovych sainthood?
I'll settle with the historical record.
 

You are missing the point. They are two birds of the same feather.
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Re: 5 Things You Should Know About Current Ukrainian Crisis
« Reply #15 on: December 11, 2013, 10:02:41 AM »

You are missing the point. They are two birds of the same feather.

Exactly right.  Both Yulia and Yanokovich should have life sentences in  jail . . . along with probably dozens of others.
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Re: 5 Things You Should Know About Current Ukrainian Crisis
« Reply #16 on: December 11, 2013, 10:51:51 AM »
::) Yeah OK if you say so? 
So that grants  Yanukovych sainthood?
I'll settle with the historical record.


I did not post that Yanukovych is a saint.  However, he has not, to date, exceeded his authority by breaking contracts that benefited Ukrainians and replacing them with contracts that cost Ukraine over 10% of its GDP.   
After the fall of communism, the biggest mistake Boris Yeltsin's regime made was not to disband the KGB altogether. Instead it changed its name to the FSB and, to many observers, morphed into a gangster organisation, eventually headed by master criminal Vladimir Putin. - Gerard Batten

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Re: 5 Things You Should Know About Current Ukrainian Crisis
« Reply #17 on: December 11, 2013, 11:08:35 AM »
I never read/heard that Yulia took her broom and beat people over the head.
I never read/heard that anyone even protested against her [except for Victor's stooges]
The lesser of two evils is usually evil..look at the USA.
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lordtiberius

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Re: 5 Things You Should Know About Current Ukrainian Crisis
« Reply #18 on: December 11, 2013, 11:10:07 AM »
he has not, to date, exceeded his authority

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Re: 5 Things You Should Know About Current Ukrainian Crisis
« Reply #19 on: December 11, 2013, 11:26:57 AM »
I never read/heard that Yulia took her broom and beat people over the head.
I never read/heard that anyone even protested against her [except for Victor's stooges]
The lesser of two evils is usually evil..look at the USA.

She acquired a multi billion dollar fortune by stealing state assets while working with Lazarenko.    She manipulated the hyrnia and sugar prices while in power, so that she could profit personally. She has been implicated in at least two politically motivated murders, and one of Yushchenko's appointees, the former head of the FSB (and, therefore, a former Orangista) now living abroad has implicated her in murder plots against political opponents.  He has stated if anything happens to him, the evidence is stashed away safely.

As PM, she broke a highly beneficial gas contract Ukraine had with Russia, so that a warrant Russia had against her, would disappear.  That contract has cost Ukrainians well over $20 billion. 

So no, she is definitely not the lesser of two evils.



After the fall of communism, the biggest mistake Boris Yeltsin's regime made was not to disband the KGB altogether. Instead it changed its name to the FSB and, to many observers, morphed into a gangster organisation, eventually headed by master criminal Vladimir Putin. - Gerard Batten

lordtiberius

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Re: 5 Things You Should Know About Current Ukrainian Crisis
« Reply #20 on: December 11, 2013, 11:57:04 AM »
So no, she is definitely not the lesser of two evils.




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Re: 5 Things You Should Know About Current Ukrainian Crisis
« Reply #21 on: December 11, 2013, 11:58:24 AM »
Bo, your hatred for her has gotten in the way of logic. She negotiated a deal that was had to be approved by both the Russian and Ukrainian Parliaments. She did not have dictatorial powers to act alone. If that is her largest crime, then the entire Rada should be sitting in jail by her side.
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Re: 5 Things You Should Know About Current Ukrainian Crisis
« Reply #22 on: December 11, 2013, 12:12:00 PM »
The Council of Ministers, which needed to approve the contract, was not aware of the Russian deal.  Tymoshenko gave Dubyna a fake document, stating the Council of Ministers had approved the deal.  Dubyna said he was shocked at the new negotiated price.  Tymoshenko stated the Council of Ministers approved the price, so, Dubyna signed.  When Dubyna learned the document presented to him was fake, he had a heart attack.  That "official government document" somehow "disappeared" while the Orangistas were still in power.

In the aftermath on investigation of the circumstances surrounding the signing of the Russian contract, all of the ministers on the Council testified that Tymoshenko came to each of them and asked them to lie about the timing of the approval.  Almost all those ministers knew she is an evil vindictive witch, and that she would use her power to destroy them, if given the chance.  Only one member of the Council, a Chukcha whose name currently escapes me, was not afraid of Tymoshenko's revenge.  He testified that the deal was never presented to them, she told them in the aftermath, she tried to intimidate them to change their stories, and he always refused.  Another member backed Tymoshenko's story.  When asked about contrary testimony from other members, he changed his story.  This was on television, and unless that minister was a world class actor, I believe him, as his fear in changing his testimony was evident, even on television.  This is why she is jail now.  The fact that Tymoshenko's personal debt of over $450 million to the Russian government also miraculously "disappeared" when Tymoshenko signed the contract, has not been investigated.

So, mendy, I will respectfully disagree with you.  Tymoshenko manipulated Dubyna and renegotiated the contract for her own personal benefit.  She assumed she'd be in power forever, and therefore, neither Dubyna nor anyone on the Council of Ministers would query her, let alone dispute her version of the circumstances surrounding the signing of the contract.

 
« Last Edit: December 11, 2013, 12:27:17 PM by Boethius »
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Offline mendeleyev

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Re: 5 Things You Should Know About Current Ukrainian Crisis
« Reply #23 on: December 11, 2013, 12:18:12 PM »
Bo, and being manipulated somehow dissolves the responsibility of elected officials in what way?  :)
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Re: 5 Things You Should Know About Current Ukrainian Crisis
« Reply #24 on: December 11, 2013, 12:19:18 PM »
Dubyna was never an elected official.  He was the head of Naftogaz.

The contract was signed by the time the Council of Ministers learned of its existence.  So, how can they be held responsible for Tymoshenko's duplicity?  The deal was done.
After the fall of communism, the biggest mistake Boris Yeltsin's regime made was not to disband the KGB altogether. Instead it changed its name to the FSB and, to many observers, morphed into a gangster organisation, eventually headed by master criminal Vladimir Putin. - Gerard Batten

 

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