“[Ukraine’s] current team needs to look at the widening of Ukraine’s credit spreads

“[Ukraine’s] current team needs to look at the widening of Ukraine’s credit spreads, or increased costs of borrowing, as a reflection that the market does not appreciate what they are seeing on the reform front, and that changes need to be made,” Ash writes in an emailed analysis. “I just wonder here how many investors would actually want to continue to finance Ukraine if they thought the current IMF program was not going anywhere, which is kind of the reality at this stage.”