With the fiscal deficit being financed through money creation, inflation is high and the hryvnia, Ukraine’s currency, has depreciated (though nowhere near as much as the Russian ruble). An external aid package that is large enough to restore confidence and assuage financing doubts is a precondition for successful structural reform.
但这些改革只有在金融稳定的条件下才能成功。乌克兰财政赤字需要通过货币创造融资，通货膨胀高企、其货币格里夫纳大幅贬值（尽管跌幅比俄罗斯卢布小得多）。大到足以重振信心、打消融资疑虑的外部援助计划是成功的结构改革的先决条件。