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Ukraine

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Ukraine


Budget balance: -1.7%
Current account: -9.6%
Sovereign credit rating: B+/Stable
Stock market: -78%

A huge expansion of credit and high exposure to foreign currency-denominated debt has driven up inflation in Ukraine to 25%, the highest in Europe, while the overheating of the domestic economy has caused the country's current account deficit as a percentage of GDP to jump to 9.6% this year from 4.3% in 2007. With dwindling capital reserves and slowing economic growth, Ukraine has turned to the International Monetary Fund for help. It’s currently negotiating a $14 billion cash injection to stave off short-term defaults.