Timothy Ash writes from London

Timothy Ash writes from London: “[This] provides some much needed bridge financing until they get the IMF money through the door…I don’t see this really changing the negotiating position of the gov’t with the IMF. Their cash position is still weak, and at this stage they don’t have many options. I cannot imagine that any investor would have lent them the financing via a private placement without getting very strong assurances as to the likely future course of negotiations with the IMF…The global backdrop for Emerging Markets is very difficult – and I don’t think Ukrainian policy makers would be stupid enough to think they could go into an election campaign without the backdrop of IMF financing.”