March 3, 2014
Should U.S. Pay for Ukraine's Bankruptcy?
President Obama and leaders of the European Union (EU) celebrated the triumph of Ukraine’s“people’s revolution” and then snarled as Russian President Putin’s military rolled in and annexed the Crimea in southern Ukraine. But the real question for Americans should be who is going to pay the $29 billion a year bailout to keep the country from going bankrupt. U.S. Secretary of State John Kerry recognized the rebel government and pledged $1 billion of support; while the 28 nation European Union (EU) offered to join with the International Monetary Fund (IMF) in an aid package worth as much as $27 billion over seven years. But EU economies shrank a ½% over the last five years and many of their members need financial assistance. Are Americans willing or able to confront Russia’s military and pay $29 billion a year to keep Ukraine afloat?
The annual cost of bailing-out the Ukraine would be more than the average $26 billion...(Read Full Article)