Ukraine has secured an emergency bailout of up to $18BN from the International Monetary Fund to stave off imminent default. However, it will see no debt relief and will be forced to slash spending.
Arseny Yatseniuk, Ukraine’s Prime Minister, said his country was “on the edge of economic and financial bankruptcy”. However, in moves akin to the Greek crisis, he promised to comply with demands for drastic austerity (including a 50% rise in fuel prices).
However, unlike Greece, there will be no "haircuts". As such banks (including Russian ones) have been bailed out.
Let's see where this all ends up in a few months then!