"As Ukraine's economic, social and political crisis sharpens, more and more Ukrainians may question the wisdom of conducting a costly presidential election when the Ukrainian state is almost bankrupt--if not on the brink of collapse." Constitutional Reforms and Political Stability in Ukraine by Dr. Andreas Umland Source: Harvard International Review June, 2009 After several years of impressive economic growth and encouraging political change, Ukraine has recently entered troubled waters. The democracies west of Ukraine are institutionally consolidated and internationally embedded enough to circumscribe the political repercussions of their so far relatively mild economic contractions. While being hit almost as hard as Ukraine by the world financial crisis, Russia has managed to build considerable financial reserves thanks to the enormous cash inflow into her state budget during the years of rocketing energy prices, allowing her to soften the social repercussions of the eco...
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