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A tale of three countries' debts

By Han Liqun | China Daily | Updated: 2014-03-06 08:22

The world is keeping a close watch on the Ukrainian crisis and intensified tensions between the United States and Russia. Ukraine was already facing a crisis when ousted Ukrainian President Viktor Yanukovich visited China and Russia in December. The main purpose of Yanukovich's visit to the two countries was to seek financial help to avoid a sovereign debt crisis.

By the turn of the year, Ukraine, along with Thailand and Venezuela, was caught in the web of serious social unrest. The three countries, in fact, have a common problem: shortage of funds.

Ukraine was facing a serious debt problem by the middle of 2013, with international credit rating agency Moody's downgrading its sovereign rating in September. Almost at the same time, Russia pressured Ukraine on the economic front to prevent it from joining a trade agreement with the European Union. This, in a way, added to the economic woes of Ukraine.

A tale of three countries' debts

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