Merkel dismisses self-rule referendum in eastern Ukraine

Wednesday, May 14, 2014

German Chancellor dismisses self-rule referendum in eastern Ukraine while International Monetary Fund head fears fund's bailout will not be enough.

German Chancellor dismisses self-rule referendum in eastern Ukraine while International Monetary Fund head fears fund's bailout will not be enough.

BERLIN - German Chancellor Angela Merkel has said she considers the” self-rule” referendum in eastern regions of Ukraine illegal and is therefore disinterested in the results.

At a joint press conference with International Monetary Fund Managing Director Christine Lagarde, following a meeting which included the World Bank President Jim Yon Kim among others, Merkel called on all parties to participate in round table negotiations to be held by the Organization for Security and Co-operation in Europe.

Lagarde said "our job is to help Ukraine to stabilize its economy” adding though, that "without political stability, the economic stabilization program will be hard pressed.”

Lagarde pointedly continued saying “we hope every party concerned, including Russia will participate in supporting this economic stabilization.” 

The International Monetary Fund is providing a US$17 billion bailout for Ukraine but it is feared that it will not be enough and Lagarde has also warned in an interview with a German newspaper that the ongoing crisis in Ukraine could have severe economic consequences for other countries.

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