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A look at Ukraine's economic hole

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(Read caption) Ukrainian men march along a street at a memorial for people killed during clashes with police at Kiev's Independence Square, on Wednesday. Deep political unrest has worsened Ukraine's economic woes.

Emilio Morenatti/AP

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The Economist has one of the best general overviews of the state of the Ukrainian economy I've seen so far. First, the highlights:

The Economist story also has embedded a good chart that shows just what a laggard Ukraine has been since 1992 compared to its ex-Soviet peers.

Money will certainly be forthcoming for Ukraine. But whether it will come soon enough and in large enough quantities is another matter. The EU is considering $15 billion in loans and grants to be provided over a period of years, and the IMF is looking at lending  – with strict conditions attached. In 2010, the IMF reached a $15 billion loan deal with Ukraine that required it, among other things, to slash the natural gas subsidy. The politically wobbly Ukraine government balked at ending the politically popular subsidy, and the IMF scrapped the deal in 2011.

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Ukraine's financial needs have only grown since, and the condition of its economy has deteriorated. Obviously, the current government, with Russia occupying part of its territory and discontent with the overthrow of the last elected government high in some regions, is even weaker now than in 2011.

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