It is offering—but failing to sign—a deal for gas supplies that would take care of Ukraine’s needs for the winter.
There is now pressure from donors, whether in Europe or the US, to “bail in” the bondholders of Ukrainian sovereign debt, i.e., for bondholders to take losses on their investments as a precondition for further official assistance to Ukraine that would put more taxpayers’ money at risk. The Ukrainian government strenuously opposes the proposal because it would put Ukraine into a technical default that would make it practically impossible for the private sector to refinance its debt.That would be a tragic mistake, with far-reaching geopolitical consequences.Without underestimating the threat from , the European Union, and the United States.According to General Wesley Clark, former Supreme Allied Commander for Europe, the Russians used multiple launch rocket systems armed with cluster munitions and thermobaric warheads (an even more inhumane weapon that ought to be outlawed) with devastating effect.The local militia from the Ukrainian city of Dnepropetrovsk suffered the brunt of the losses because they were communicating by cell phones and could thus easily be located and targeted by the Russians.
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I consider it highly unlikely that Poroshenko would accept such an offer.If he did, he would be disowned by the defenders of the Maidan; the resistance forces would then be revived.He asked for “both lethal and nonlethal” defensive weapons in his speech.However, President Obama refused his request for Javelin hand-held missiles that could be used against advancing tanks.Europe is facing a challenge from Russia to its very existence.
Neither the European leaders nor their citizens are fully aware of this challenge or know how best to deal with it.The Washington visit gave President Poroshenko a façade of support with little substance behind it.Equally disturbing has been the determination of official international leaders to withhold new financial commitments to Ukraine until after the October 26 election there (which will take place just after this issue goes to press).Putin may then revert to the smaller victory that would still be within his reach: he could open by force a land route from Russia to Crimea and Transnistria before winter.Alternatively, he could simply sit back and await the economic and financial collapse of Ukraine.