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Where there is no law, but every man does what is right in his own eyes, there is the least of real liberty
Henry M. Robert

BANANAS DO NOT GROW IN UKRAINE Ukraine has to prove it is not a banana republic

13 November, 2012 - 00:00

Viktor Yushchenko, Governor of the Ukrainian National Bank:

“The European Bank was the first international financial institution to begin cooperating with Ukraine with no political strings attached. Under former EBRD President Jacques de LarosiПre Ukraine has received support which it could hardly have expected. Currently, we maintain top-level effective business contacts with this bank and when negotiating further business with its new leadership we will emphasize the principle of continuity in the bank’s policy and in our relationship.”

Yuri Polunieyev,EBRD Director for Eastern Europe, Ukraine:

“In the first place, we expect not to be treated like a banana republic. The EBRD annual convention confirmed that we can get organized if we really set our minds to it. This convention will not influence EBRD’s decision on the Odesa oil terminal and construction of power units at the Khmelnytsky and Zaporizhzhia nuclear power plants, for these projects are on a different plane. However, it has created a generally favorable atmosphere. No decision has been made on these projects, but certain headway is visible. The oil terminal problem will be solved when it becomes clear where the oil will come from. We cannot count on one source only, say, Iraq. It can come from Azerbaijan, Kazakhstan, and from Russia, because the terminal is an import-export project. As for the nuclear power units, a decision, if any, will be made late this year.”

Joachim Weidemann, correspondent for Handelsblat (Germany):

“Word has it that EBRD will shortly focus on countries that are not members of the European Union, and the EU will concentrate on Poland, the Czech Republic, Slovenia, and Estonia. This is good for Ukraine, for such an approach has positive aspects, especially in terms of small and medium business. Ukraine has received a new credit line aimed at supporting such business, which is evidence that certain changes are afoot in the country. As for large projects, like renovating the natural gas transport system, this could turn into a very big investment, provided Ukraine goes along with the EBRD cooperation program.

“For the time being, the bank’s leadership maintains a very cautious attitude toward Ukraine. Western European finance ministers as EBRD Board Governors did not attend the convention in Kyiv, and they will have the final say in the matter.”

Jon Boyle, France Press:

“French banks are not sure that Ukraine will have domestic investment, because the domestic situation is very complex. Reforms are staggering, and bank interest rates are is very high.

“A French banker I spoke with this morning thinks no one seems to understand in Ukraine that investment is preceded by an atmosphere of confidence and trust. Instead many believe that the West has to invest.

“This attitude is taken as blackmail. No one owes Ukraine anything. On the contrary, one banker said he would be happy to invest if the opportunities were really good. He was very displeased with Ukraine and referred to Russia where they understand foreign investors and work well with them”.

 

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