Saturday, July 5, 2014

Glazyev: free trade zone with the EU - economic suicide for Kiev | RIA Novosti

NoBC4U Note: This is a Google Translate translation, from the original Russian.

MOSCOW, June 24 - RIA Novosti. signing an association agreement with the European Union would be economic suicide for Ukraine, it would entail a depreciation of the hryvnia, galloping inflation and worsen the living standards of the population, according to presidential aide Sergei Glazyev.

Kiev plans June 27 to sign the economic part of the Association Agreement (already signed), stipulating including entry into the EU free trade zone. Russian authorities have repeatedly stated that in this case Russia will have to defend its domestic market from the duty-free flow through Ukraine European goods.

"For Ukraine, the signing of this agreement is economic suicide. There is no doubt that the result of the signing of this agreement will further sharp devaluation of the hryvnia, the surge of inflation, which goes, apparently, hyperinflation, and repeated drop in living standards, "- said Glazyev RIA Novosti.

According to him, a year ago, when Ukraine was a different political situation, the calculations showed that in the case of this agreement, Kiev lose due to unequal trade with the EU about 2% of GDP. Ukrainian trade balance, which already comes with a large negative balance, lose another $ 4 billion due to increased imports from the EU.

"Even when a politically stable conditions signing of this agreement will inevitably turned around a sharp deterioration in the balance of payments of Ukraine and its default on external obligations. That's why Yanukovych did not sign it. In the current situation, which is much worse, Ukraine's balance of payments deficit is reduced for about $ 50 billion this year, and the entire West promised aid is 35 billion. By signing this agreement, Ukraine will receive another 4 billion minus "- says presidential advisor.

Complete story at - Eyes: free trade zone with the EU - economic suicide for Kiev | RIA Novosti

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