22nd February 2014

Ukraine reached peace deal, Yanukovich ousted and Timoshenko freed

Violence, which resulted in 77 killed people, ended in Ukraine on Friday. Ukrainian parliament ousted president Yanukovich and announced presidential elections on May 25. Further, the country should return to the 2004 constitution, which bolsters the power of the country’s parliament. Yanukovich said he doesn´t plan to resign and denounced government´s decision as a coup d'état. Later he tried to leave Ukraine from Donetsk, but couldn´t get through passport control. Yanukovich is currently missing. Opposition leader Yulia Tymoshenko was released from jail and addressed anti-government protesters gathered in the Independence Square in Kiev on Saturday. Tymoshenko immediately declared anti-Russian stance and promised to make Ukraine part of European Union. Currently, Ukraine´s future as one country is discussed, with annexation of Crimea by Russia being a possibility. Moreover, Ukraine´s economic situation is a pressing issue. For instance, Ukraine´s GDP growth was 0 per cent in 2013. Standard & Poor's downgraded Ukraine's investment rating as a result of the recent wave of violence and political instability from CCC+ to CCC, with a negative outlook for the ability of the government to service its debt. Many foreign financial institutions have already left the Ukrainian market.

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Members of the American Chamber of Commerce in the Czech Republic