Poll crisis in Ukraine to crush national economy

The political situation in Ukraine has overstepped the limits of an internal political matter

It is an open secret that political crises inevitably destabilize economies. The economy of Ukraine has not been shocked yet as a result of the political crisis in the country, although it has been showing symptoms of anxiety recently. Spokespeople for the National Bank of Ukraine said yesterday that the population started withdrawing their savings from deposits. To ease the situation, the bank released a special statement and urged the people to show restraint. 

Leonid Kuchma, the incumbent President of Ukraine, has expressed his concern about the current situation in the national economy too. Kuchma stated that he was deeply concerned about the financial stability in the country.  “It will take just several more days for the financial system to collapse like a house of cards. Neither the president, nor the government will be able to claim responsibility for it, since the government is unable to work normally,” the Ukrainian president stated at the session, which took place with the participation of spokespeople for regional administrations, parliament speaker Vladimir Litvin, and Prime Minister Viktor Yanukovich.

However, the now-resigned chairman of the National Bank of Ukraine, Sergei Tigipko, believes that the bank is capable of keeping the rate of the national currency, hryvna, stable.

The political situation in Ukraine has overstepped the limits of an internal political matter. The Ukrainian government and the opposition are trying to extricate from the crisis on the top level, asking international mediators for help.

The United Nations Organization has already exercised its qualities of being the Justice of the Peace at this point. Kofi Annanhas urged the two feuding parties to show the maximum of restraint and withhold statements and actions that could possibly destabilize the situation in the country. A spokesperson for the UN's division in Kiev said that Kofi Annan was anxiously watching the development of events in Ukraine, as the nation was striving to solve the poll crisis.

The UN Secretary General called upon the two candidates and their followers to be patient to let the constitutional process take its normal course. Kofi Annan is certain that the parties' respect to the nation's integrity and sovereignty has always been of paramount importance both to Ukraine and to the regional and the international security.

Poland has been evincing great interest in the Ukrainian events. Polish President Aleksander Kwasniewski tries not to be biased about the issue, in spite of the fact that Polish demonstrators have recently organized meetings in support of the Ukrainian opposition leader, Viktor Yushchenko. Kwasniewski's statements comply with universal diplomatic standards. According to the Polish administration, Aleksander Kwasniewski thinks it is most important for Ukraine to preserve its territorial integrity and avoid an armed conflict in the country. The Polish leader discussed the situation in Ukraine yesterday during a telephone conversation with President Leonid Kuchma, Austrian Chancellor Wolfgang Scheussel, EU foreign policy chief Javier Solana, the speaker of the Ukrainian parliament, Valdimir Litvin, Prime Minister of the Netherlands,  Jan Peter Balkenende, and German Chancellor Gerhard Schroeder. Kwasniewski supports the initiative to conduct a new stage of Europe-mediated negotiations in Kiev.

Great Britain also tries to participate in what is currently happening in Ukraine. British Prime Minister Tony Blair stated during his weekly press conference that London was staying in touch with spokesmen for the sides of the poll conflict in Ukraine. The British prime minister believes, though, that negotiators should be given free hand and that the Supreme Court of Ukraine should make its own decision on the matter.