InfoAnda - Yushchenko warns against 'social catastrophe'

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Africa Europe Latin America Middle East North America Search Search: Yushchenko warns against 'social catastrophe' AFP - Saturday, January 31 KIEV (AFP) - - Ukrainian President Viktor Yushchenko warned of a possible "social catastrophe" in Ukraine struck hard by the global economic crisis, in a televised address to the nation late Friday. "In our country, the financial system is completely unbalanced. Ukrainian industry is halting, workers are either massively dismissed or left without salary... All this can bring about a social catastrophe," Yushchenko said. Yushchenko also called for "immediate" amendment of the 2009 budget, which officially sets forth a deficit of three percent of GDP, as experts warned that the chasm between the budget's revenues and expenses could be much greater. "Now the government lowered less than half of taxes and tariffs due January," and if the trend continued, "tomorrow salaries, pensions and stipends will no longer be paid" and "doctors, teachers and the military will receive no money," he charged. Yushchenko also warned against any attempt to issue more money to finance the budget deficit, placing as usual "personal" responsibility for the economic downfall on his rival, Prime Minister Yulia Tymoshenko whom he accused of "populism." Industrial production plunged 26.6 percent last month against the previous December amid plummeting demand for two of Ukraine's primary exports, steel and chemical products. Ukraine's currency, the hryvnia, had collapsed before the gas crisis amid global financial turmoil, losing nearly half its value against the dollar in the last six months of 2008. President Yushchenko and Prime Minister Tymoshenko have traded accusations over the financial crisis, with a presidential vote due in late 2009 or early 2010. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: World Iraqis vote in landmark polls in crucial test of stabilityAFP - 40 minutes ago Geithner, Bernanke work on $700B bailout overhaulAP - 54 minutes ago Suspects detained in Mexico shooting of FrenchmanAP - 1 hour 8 minutes ago AP source: McNamee's syringes at UCLA lab for testAP - 1 hour 11 minutes ago Lake Champlain ferry crashes near Vt. dock; 3 hurtAP - 1 hour 16 minutes ago Enlarge Photo Ukraine's President Viktor Yushchenko speaks during his TV address to the nation in Kiev. Yushchenko warned of a possible "social catastrophe" in Ukraine struck hard by the global economic crisis. Most Popular – World Viewed US House approves massive economic stimulus bill Soldier suicides hit record in 2008: US Army Financial crisis bringing global economy to standstill: IMF Wen and Putin lash out at US over economic crisis Boeing to cut 10,000 jobs after loss View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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