Ukraine will take years to decide between Russia and the west, if it ever does. Sadly, its foreign exchange reserves do not have the luxury of time. While protests against the rejection of an EU free trade deal go on in the Kievan cold, watch out for Ukraine’s ebbing $20bn reserves. These cover about two and a half months of imports, below the three that can start alarm bells ringing at the IMF, and worse than the ratio for Egypt, a country in a similar slow-motion foreign exchange crisis.
乌克兰将需要多年时间才能在俄罗斯和西方之间做出选择——如果它有朝一日真的做出选择的话。可惜其外汇储备不允许这种时间上的奢侈。在抗议者顶着基辅的严寒,抗议政府放弃欧盟自由贸易协定之际,应当留意乌克兰不断缩水的200亿美元外汇储备。这点储备可以覆盖约两个半月的进口,低于促使国际货币基金组织(IMF)警觉的3个月门槛,而且比埃及(另一个逐渐滑向外汇危机边缘的国家)更糟。