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The Western bailouts are to mark 'a historical break with a past marked by crony capitalism, pervasive corruption, and poor governance' (Photo: International Monetary Fund/Cliff Owen)

Western lenders approve $17bn Ukraine bailout

International lenders have agreed a $17 billion (€12.3bn) bailout for Ukraine despite the pro-Russia uprising in the east and south of the country.

The International Monetary Fund’s (IMF’s) act of faith in Ukraine’s future was announced in Washington on Thursday (30 April) even as Ukraine’s acting President, Oleksandr Turchynov, said in Kiev his forces are “helpless” to quell the unrest.

The bailout envisages $3.2 billion of emergency assistance and makes the rest of the money a...

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Author Bio

Andrew Rettman is EUobserver's Foreign Affairs Editor. He has been writing about foreign and security affairs for EUobserver since 2005. He is Polish but grew up in the UK. He has also written for The Guardian, The Telegraph, and The Times of London.

The Western bailouts are to mark 'a historical break with a past marked by crony capitalism, pervasive corruption, and poor governance' (Photo: International Monetary Fund/Cliff Owen)

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Author Bio

Andrew Rettman is EUobserver's Foreign Affairs Editor. He has been writing about foreign and security affairs for EUobserver since 2005. He is Polish but grew up in the UK. He has also written for The Guardian, The Telegraph, and The Times of London.

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