The currencies of Turkey, Venezuela and Argentina collapsed last week. Ukraines currency collapsed today. Expect Greece, Italy and Spain to follow shortly.
David DeGerolamo
Ukrainian Currency Plunges As Justice Minister Set To Call For “State Of Emergency”
Following the rejection of President Yanukovych’s offers of key positions to opposition leaders (because key demands were not met), unrest is now spreading further into the country’s east, which is seen as Mr Yanukovych’s support base (as we discussed here). As The BBC reports, at least a dozen attempts by protesters to seize government buildings were made with the Justice Ministry successfully over-run.Justice Minister Olena Lukash, an ally of Yanukovych and involved in the negotiations, has called for a “state of emergency” if protesters – who claim “the seizure of the Ministry of Justice is a symbolic act of the people of the uprising. Now, these authorities are stripped of justice,” – do not leave. Furthermore, he said she would be “forced to turn to the Ukrainian president with a request to stop the negotiations unless the justice ministry building is vacated without delay.” The Ukraine Hyrvnia has weakened markedly despite the central bank’s intervention.
