Sunday, May 11, 2008

Russo-Ukrainian Row Over Naval Parade Averted, US Marines Take Part

KIEV, Ukraine -- A Russo-Ukrainian row was averted Friday with US marines taking part in a World War II memorial march, Channel 5 television reported. Russian naval officials in the Ukrainian port of Sevastopol, the home base for Russia's Black Sea fleet, had intended to hold a parade of warships in the bay on Friday.

A Russian marine stands in front of the Soviet Navy flag during celebrations marking the 225th anniversary of Russia's Black Sea Fleet in the Ukrainian city of Sevastopol May 11.

But the Sevastpol city government banned the event.

The naval parade had been intended by the Kremlin to mark the 63rd anniversary of the end of World War II in Europe (VE Day), and simultaneously, the 225th anniversary of the founding of the Russian Black Sea fleet.

VE Day is a major holiday in both Russia and Ukraine. Many Ukrainians consider the founding of Russia's Black Sea Fleet a key and infamous date in Russia's 350-year domination of Ukraine.

Talks between the Black Sea Fleet leadership and representatives of the Sevastopol city government went down to the wire, with state- controlled Russian television reporting on Thursday evening the parade would go ahead, and Sevastopol police warning they would arrest any Russian military leaving their base without a permit.

An apparent compromise was reached during the early hours of Friday to cancel the warship parade, and to substitute a march by soldiers by both down Sevastopol's main street.

The parade took place without combat vehicles like tanks or armoured personnel carriers, as a Russian concession to the Ukrainians.

Russian and Ukrainian naval infantry and cadets marched in parallel columns from Sevastopol's Admiral Nakhimov Square down the port city's main street.

A detachment of US Marines from the John L. Hall, a US Navy frigate on port call in Sevastopol, also participated in the march.

It was according to the Channel 5 report the first time US Marines had ever participated in a VE Day parade in Sevastopol, which was closed to all foreigners during the Soviet era.

A naval parade marking "naval cooperation and comeradeship" would go forward on May 11th with the participation of Russian and Ukrainian warships, Interfax news agency reported.

"It was complicated, but we reached a compromise," said Serhy Kunytsin, a Sevastopol city government spokesman.

Russian observation of Soviet-era military ceremonies such as the annual VE day naval parade in Sevastopol bay are considered insulting by some Ukrainians, who see Russian military presence in Crimea a threat to Ukrainian sovereignty.

Other Ukrainians, including many ethnic Russians living in Crimea, see the ceremonies as an important continuation of Soviet tradition, and the Black Sea Fleet as a guarantor of their safety against ethnic Ukrainians and Tartars also living in the region.

Source: DPA

Ukraine Approves Aperto WiMAX

MILPITAS, USA -- Aperto® Networks, builder of the world’s most versatile carrier-grade and cost-effective WiMAX base stations and subscriber units, announced this week that its 5 GHz WiMAX solution has been certified for use in Ukraine.

Aperto PacketMAX PM5000 macro base station

This certification applies to the entire line of award-winning WiMAX Forum Certified PacketMAX® base stations, including the PM 5000 macro base station and the PM 3000 micro base station, as well as the PM 3xx series and PM 1xx series of subscriber units.

“5 GHz WiMAX products are very important for the broadband market in Ukraine,” said Manish Gupta, Vice President of Marketing & Alliances for Aperto Networks and WiMAX Forum Board Member.

“This WiMAX band is just being recognized internationally as a powerful complement to the 2.x GHz and 3.x GHz bands. Aperto continues to showcase its support for the needs of the emerging markets with this latest certification.”

Source: Unstrung

Inflation Caused By Ukraine's Peg To Dollar

KIEV, Ukraine -- Inflation in Ukraine is skyrocketing. By March, it reached 26 percent per year and continues to rise. Although prices are increasing around the world, Ukraine's is extreme, twice as much as in neighboring Russia. Amazingly, instead of dampening inflation, Ukraine's central bank is stoking it.

National Bank of Ukraine

Ukraine's prices started spiraling out of control around the time when Yuliya Tymoshenko returned as prime minister last December. Malicious observers suggest that she is to blame for pursuing populist social expenditures. But this is false. Her government actually tightened the budget just before New Year.

Indeed, Finance Minister Viktor Pynzenyk reports that the state recorded a budget surplus of 0.6 percent of GDP during the first quarter of 2008

This is not surprising, because state revenues expand with rising prices, while expenditures are largely fixed. But Tymoshenko's government has, in reality, done a solid fiscal job.

State finances are generally in good shape, with public debt at just 11 percent of GDP. According to the National Bank of Ukraine (NBU), international reserves have grown steadily and now stand at $33 billion.

The real cause of Ukraine's inflation is that its currency, the hryvnia, remains pegged to the U.S. dollar.

The International Monetary Fund has persistently warned Ukraine that its dollar peg could cause a financial crisis because of over- or undervaluation, and for years has called on Ukraine to free its exchange rate. But the NBU refused to do so — making Ukraine the last country in Central and Eastern Europe to tie its currency to the dollar.

Ukraine's powerful industrialists praised the NBU's low exchange-rate policy, believing it makes the country more competitive. They ignore the fact that the NBU can control only the nominal appreciation of the hryvnia. But costs are determined by the real revaluation, which is the sum of exchange-rate changes and inflation.

The dollar peg has also forced the NBU to pursue a loose monetary policy. Ukraine's current refinance rate is 16 percent a year, 10 percent less than inflation, which means that Ukraine has a negative real interest rate of 10 percent a year.

As a result, Ukraine's money supply, M3, exploded by no less than 52 percent in the last year, which points to inflation hitting 30 percent soon.

The NBU's leadership understands that it must act to contain inflation, but its insistence on the dollar peg ties their hands, because it prevents them from raising interest rates sufficiently.

Instead, they have reverted to strict reserve requirements, effectively rationing credit and thereby causing a domestic credit squeeze in the midst of the current international financial crisis, which is likely to force some medium-size banks into bankruptcy because of liquidity problems. Rationing is always worse than a market.

Why does the NBU persist with this harmful policy?

Incompetence is one reason, but politics is probably the decisive cause. The NBU is subordinate to President Viktor Yushchenko, who, despite naming Tymoshenko as prime minister, seems more interested in harming her politically than in capping inflation.

The flaws in the NBU's policy are so obvious it will be forced to free the exchange rate, but it might act too late. Even now, in the midst of an inflationary crisis, the NBU wants to move in small steps, evidently failing to grasp the severity of the crisis.

The NBU needs to announce that it no longer has an exchange-rate target and that it will stop intervening by ending its purchases of dollars on the currency market.

If the NBU lets the exchange rate float, Ukrainians are likely to exchange billions of dollars into hryvnia, driving up the hryvnia exchange rate. That would contain Ukraine's inflation, as the NBU could restrict the money supply through high interest rates rather than rationing.

Time is short. The great economist Rudi Dornbusch used to say that a financial crisis usually starts much later than anyone expects, but then develops faster than anyone can imagine. Ukraine is on the financial precipice.

Yushchenko and the NBU can still act, but if they do not do so immediately, a costly and unnecessary financial crisis might ensue. As prime minister, Yushchenko saved his country from financial default in early 2000.

Ukraine's well-being must not be sacrificed to his political ambitions.

Source: The Japan Times

Saturday, May 10, 2008

World Bank Calls On Ukraine To Help Ease Food Crisis

KIEV, Ukraine -- The World Bank on Thursday called on leading grain producer Ukraine to immediately fulfil a promise to lift export quotas to help ease a global food crisis.


'We urge the authorities in Ukraine to implement the announced decision fully and with immediate effect,' the Ukraine office of the international financial institution said in a statement.

Lifting quotas will allow Ukraine to benefit from high global prices and 'will increase the global supply of grains thus helping to alleviate the global food crisis.'

In April, Ukrainian Prime Minister Yulia Tymoshenko called for the lifting of all restrictions on grain exports, but the government has since put off the move until July 1 amid fears of higher domestic prices.

Tymoshenko said Ukraine was to harvest up to 50 million tons of grain this year. In 2007, Ukraine harvested 29.3 million tons of grain, 14.5 percent less than in 2006.

Source: Forbes

2 Dead, 8 Injured In Amusement Park Accident In Ukraine

KIEV, Ukraine -- Emergency officials say two people died and eight were injured when a carousel broke down in an amusement park in Ukraine.


Channel 5 television reports that the centrifugue-style carousel slammed into its supporting pole in a park in the eastern city of Luhansk on Friday. As it continued spinning, passengers were flung away and many fell on the ground.

Two victims, a man in his early twenties and a young woman in her late teens, died on the spot from the injuries they sustained. Eight others were hospitalized.

Local authorities say the carousel was put up without official permission.

Accidents in amusement parks are frequent in Ukraine, where safety rules are often neglected and many rides are not properly checked.

Source: International Herald Tribune

Ukraine To Make Crimean War Pic

MOSCOW, Russia -- Ukraine’s defense chiefs are planning to put the historical record straight with a $20 million budget movie set during the Crimean war of the 1850s.

Old photograph of a cavalry soldier preparing for the Battle of Balaclava (Charge of the Light Brigade) in the Crimean War.

The film — about the siege of Sevastopol during the war between Russia and a British, French and Turkish allied force — will put the role of Ukrainian soldiers and sailors center stage.

A key purpose of the new film will be to challenge Sevastopol’s reputation as a Russian “city of glory,” according to Vladlen Litvinenko, head of the Ukrainian defense ministry television and radio service.

Ukraine, which gained its independence from centuries of Russian control in 1991 and only recently emerged from Russian influence during its peaceful Orange Revolution of 2004, is keen to assert its unique national heritage.

News of the new project emerged on the eve of Russia’s biggest annual public holiday, Victory Day, which celebrates the major Soviet role in defeating Nazi Germany in 1945.

Sevastopol — a key port city in the Crimean peninsula — was also subject to a lengthy siege by German forces in the Second World War and has since been numbered among the Russian wartime “hero cities” with a stone marking its status situated close to the Kremlin’s eternal flame war memorial.

Ukraine’s military history was widely considered part of Russia’s by many Russians and featured in many Russian films and television series, Litvinenko told newspaper Novie Region.

“Under such circumstances Ukrainians will soon hold ordinary Russian soldiers in higher regard than Ukrainian generals,” he said.

The new film — which the Defense Ministry hopes to start shooting in the autumn — will downplay Russia’s role and emphasize that most of the fighting took place between armed warships manned by Ukrainian sailors fighting the allied forces.

The move is part of a wider campaign in Ukraine to wrest control of cultural and cinematic markets from Russian dominance.

In January, new measures stipulating that films released cinematically in Ukraine had to be local language versions prompted an outcry by Russian and local distributors, particularly in the country’s eastern half where most people are ethnic Russians and speak Russian rather than Ukrainian.

But in a sign that the Defense Ministry is seeking to avoid confrontation with Russia, Litvinenko said the Crimean war film should be an international effort and that co-production funds would be sought from the Russian Defense Ministry and other countries involved in the historic conflict.

Source: Variety International

Utahns Remember Ukraine Famine, Genocide

SALT LAKE CITY, USA -- Dasha Pokhilko's grandfather tells her stories of gathering leaves and roots to eat as a young boy. There was nothing else.

Mykola Tochitsky (L), consul general of Ukraine, is handed the torch by Jonathan Freedman during ceremony Thursday commemorating 75th anniversay of Ukraine genocide.

"His mom worked the whole day, and they gave her one gallon of flour and water and salt," said Pokhilko, 24, of Orem. "She worked 10 to 12 hours, and that was the only thing they gave her whole family to eat."

That was the reality of Holodomor, a famine and genocide forced on Ukraine by the Stalin regime from 1932 to 1933. It was an effort to stop any movement toward independence from the Union of Soviet Socialist Republics.

On Thursday, Pokhilko was among a handful of people who gathered in Salt Lake City to commemorate the 75th anniversary of the Holodomor as part of a global symbolic torch relay.

Consul General Mykola Tochytskyi, of the San Francisco Ukrainian consulate, said 7 million to 10 million people were killed in one year.

In 2003, the United States and Canada were the first two nations to recognize the famine-genocide in the Ukraine, he said. Forty governments now recognize the genocide.

"Here to today we bring the flame of health and truth into the heart of all people from all places," Tochytskyi said. "This tragic piece of history will never be forgotten."

A remembrance torch was lit and passed around a table by those who participated. Tochytskyi joined Palmer DePaulis, executive director of the Utah Department of Community and Culture, in signing a declaration naming May 8, 2008, as "Ukrainian Genocide Remembrance Day."

"Our hearts go out to the people of Ukraine as they remember, and never forget," DePaulis said.

In all, the torch will travel to 25 American cities, as well as locations in 33 countries, before returning to Ukraine for a November remembrance of the beginning of the starvation campaign, said Tochytskyi.

Pokhilko and other Ukrainians at the event said the anniversary is an opportunity for the world to learn about the genocide.

"It touched every single family," said Liliya Velbovets of Provo. "Being here so far from home and being able to touch the torch. ... We belong."

Grain was taken from Ukraine and sold abroad, while people were starving, says Velbovets, whose grandparents survived by making pancakes from grass.

Pokhilko said conditions were so stark that some people resorted to cannibalism to survive. Her grandfather remembers two "cute blonde girls" who disappeared. "The people in the village knew it was their mother and grandmother who ate them."

The famine lasted just one year, but even after it was over, Ukrainians faced decades of repression under Soviet rule, Velbovets said.

"During the USSR time, it was a prohibited subject," said Velbovets. "People were punished if they talked about it. ... The recovery was hard, especially for the older generation. ... They are still hurting from this fear."

Source: Deseret News

Ukraine's First Biofuel Station Reportedly Opens In Chernivtsi

KIEV, Ukraine -- A new biofuel station branded Energy Strategies and Biotechnologies has opened in Chernivtsi, Ukraine, revealed LIGABusinessInform.


This is reportedly the first biofuel station both in Ukraine and the whole of eastern Europe.

The new station sells two kinds of motor fuel made of biomaterial: the Bio-100 analog of high-octane gasoline, and biodiesel fuel.

Moldova will act as the fuel supplier in the initial stage of the project implementation. Later on, production will take place in Ukraine itself.

By the end of 2008, about 10 biofuel stations are expected to be set up in the country.

Source: Datamonitor

Friday, May 09, 2008

As Freedoms Roll Back In The Ex-Soviet World, Ukraine Becomes An Island Of Freedom

KIEV, Ukraine -- A gloomy Vladimir Putin wears a Czarist crown, clutching a bag full of dollars and a miniature television tower.

Savik Shuster host of "Svoboda Slova" talk show on Kiev's ICTV.

Filipp Pishchik says this and similar cartoons, depicting the former president as a corrupt leader who stifles free speech, got him in trouble with authorities and forced him to leave Moscow last year for neighboring Ukraine. "Ukraine is just great," said the 37-year-old designer and architect. "Here there is hope".

Since the 2004 Orange Revolution ushered in a vigorous, sometimes chaotic democracy, Ukraine has become an island of freedom and tolerance in an ex-Soviet bloc still dominated by authoritarian regimes, and journalists, political activists, artists, and business professionals have flocked here.

In Soviet times, a dissident wanting to live free had only the West to look to. Getting there was hard, the culture alien, the language foreign. Ukraine, however, is an easy visa-free destination for most, Russian is spoken and speech is free.

Rights groups complain that Ukraine is stingy with granting asylum, which guarantees the applicant's right to stay and work indefinitely.

But still, the influx vividly illustrates how far the country's path has diverged from that of Russia, which by the time of the Orange Revolution had already begun rolling back democratic reform.

The number of foreigners registered as living in this country of 46 million doubled to nearly 200,000 from 2003 to 2006, according to United Nations statistics; that does not include the unregistered.

The number applying for political asylum rose from 1,800 in 2005 to 2,300 last year.

Pishchik said he moved here after architecture magazines stopped publishing his work, longtime clients left him - hinting they were forced to do so by authorities - and he got threats from security officials. The reason, he says, was the cartoons he displayed in galleries and on Web sites.

Today, he lives in a spacious Kiev house loaded with exciting new projects and is married to a Ukrainian artist.

"I tell all my friends that they all will end up here one day," Pishchik says.

Similar stories abound in today's Ukraine.

Yuriy Svirko, a 33-year-old journalist from Belarus, decided he'd had enough of President Alexander Lukashenko's iron-fisted rule after he was accused of attacking a presidential body guard and threatened with arrest. (He says it was the guard who attacked him).

Svirko arrived in Kiev right after the Orange mass movement overturned a fraudulent election and brought reformist Viktor Yushchenko to the presidency.

Ukraine today is awash in competitive elections, noisy street protests and heated debates on TV shows and occasional fist fights in Parliament. Opposition rallies are held under the windows of the president's office, and many have forgotten a time when TV channels were state-controlled.

Savik Shuster had a TV political talk show in Russia until it was closed in 2004 as the Kremlin tightened the screws on media. Now he's in Kiev, hosting a similar program on a Ukrainian channel.

"In Ukraine, freedom of speech still exists," said Shuster, 55. But for Russia today, "openness is like light for a vampire".

During the past two years, Belarusian expatriates have held an annual "Belarusian Spring" festival, featuring fare banned back home - movies, poetry readings, underground rock bands.

This year's festival kicked off with a dozen activists racing down Kiev's main avenue on cross-country skis when snow was nowhere to be seen. It was a poke at Lukashenko, a winter-sports fan who every year makes government officials and professional athletes compete with him in a ski competition which he always wins.

But rights groups say that while Ukraine is good at welcoming professionals, it is still inhospitable to relatively unskilled political refugees, granting only 3 percent of applications for political asylum, compared with over 30 percent in neighboring Poland.

Ulugbek Zainabudinov, an Uzbek opposition activist, fled to Russia after a bloody crackdown on an uprising in his country. But Russian authorities began arresting the refugees at the Uzbek government's request, so in 2006 he moved to Ukraine.

That year, Ukraine deported 11 other refugees back to Uzbekistan, drawing harsh criticism from human rights groups. All the deportees have been sentenced to lengthy prison terms, the groups say.

"The very idea of freedom exists here and it is developing," said Zainabudinov said. "But I don't feel safe".

His asylum application has been turned down, and fearing deportation, he is seeking refugee status in Western Europe.

Experts say Ukraine has neither the resources nor the political will to take care of asylum-seekers. Natalia Prokopchuk of the United Nations High Commissioner for Refugees said Ukraine also does a poor job of helping asylum-seekers while their cases are being considered.

Natalia Naumenko, spokeswoman for the State Department on Migration, counters that most applicants are illegal migrants caught en route to Western Europe.

Dmytro Groisman of the Vinnytsia Rights Groups said the influx of asylum-seekers does not prove that Ukraine has developed into a tolerant and democratic society. Instead, he said, refugees simply had nowhere else to go.

"When your apartment is on fire, you would jump anywhere - in the snow, in the water, from the 6th floor", Groisman said. "People are running where they can".

Olga Kudrina, 22, is one of the lucky few who received political asylum. Sentenced to prison for unfurling a Putin-must-go banner near the Kremlin, she fled to Ukraine and lives with her baby daughter in a tiny apartment in Vinnytsia, 160 miles (257 kilometers) southwest of Kiev.

Two colleagues from her banned National Bolshevik Party share her apartment in Vinnytsia and are seeking asylum.

One of them, Mikhail Gangan, 22, came here to escape arrest for breaking into a government building in Moscow and demanding that Putin step down.

"You live calmer, better here", said Gangan. "You won't see as many cops on the streets - you can walk down a street and not see a single one. In Russia that cannot happen".

Source: PR-Inside

Ukrainian Leaders Congratulate Putin On Post As Russian PM

KIEV, Ukraine -- Ukrainian President Viktor Yushchenko and Prime Minister Yulia Tymoshenko sent congratulatory messages Thursday to former Russian President Vladimir Putin on his election as Russia's prime minister.

Vladimir Putin, who became prime minister Thursday, has signaled that he intends to remain Russia's principal leader, at least in the short term — and possibly much longer. He is keeping the trappings of his presidency and many of its powers as well.

"I hope that our constructive dialogue will continue in the future, and the agreements reached during our talks in Moscow will be implemented in order to boost further fruitful development of friendly Ukrainian-Russian relations", said Yushchenko in his congratulatory letter to Putin.

Tymoshenko said she is ready to work with Putin to expand and deepen pragmatic cooperation between the two countries in various fields, consolidate the foundation of bilateral ties and promote the strategic partnership of cooperation between Ukraine and Russia.

She believed that the Russian new prime minister will give a new impetus to the dialogue between Ukraine and Russia.

Russia's lower house of the parliament, the State Duma, approved Putin as Russia's new prime minister earlier in the day.

Source: Xinhua

Ukraine’s Hotels Not Meeting Demand

KIEV, Ukraine -- While the number of visitors to Ukraine has doubled over the last four years, the supply of affordable, quality hotels remains low and the cost for a bed is well above the European average.

Radisson SAS Hotel Kiev

With exceptions, the Ukrainian hospitality industry has yet to develop the level of service most business travelers come to expect.

Recently, a number of famous international hotel chains opened their doors in Kyiv, but the attractiveness of investment opportunities in Ukraine’s hotel market continues to be constrained by bureaucracy and prolonged delays in the adoption of sensible land­ use law, industry experts said.

“With the growth of the economy, visitors to Ukraine increased in number by more than 50 percent between 2003 and 2007, nearing 20 million annually," said Galina Martynyuk, sales and marketing manager for Senator Apartments. "At the same time the number of hotel beds is less than a quarter of Prague’s.”

Senator Apartments is Ukraine’s first chain of high­quality, full­service furnished accomodations. The company currently runs two complexes, Senator Apartments City Center and Senator Apartments Executive Court, both in the capital.

More than 1,250 hotels operate in Ukraine, Martynyuk said, though these figures should not be misunderstood — only half of these meet European three­ to five­star standards.

Hotel room rates of the same category are much higher in Kyiv than in other European capitals, according to Iryna Yablochkova, general manager of the boutique hotel Riviera on Podol. Thus, Radisson SAS hotel charges 367 euro per night in Kyiv and only 175 euro in Warsaw.

Riviera on Podol opened in Kyiv in May 2007 as the first classic boutique hotel, attracting elite travelers with nightly rates ranging from $375 to $1000.

Industry insiders emphasize the huge gap between high prices and low quality service in Ukraine’s hospitality sector.

Ukrainian hotels usually charge double the price for deluxe rooms, Yablochkova said, because the demand is especially high for the best suites and as a rule the price rarely corresponds to an appropriate service level.

“The demand for high­quality hotel service greatly exceeds the supply, and the shortfall is filled by Soviet­era hotels and private sector apartment rentals,” said Martynyuk, adding that the occupancy level of Kyiv’s four­ to five­star hotels came to 60 percent last year, at the average room price of about 300 euro per night.

“This is among the highest average price in Europe and will not fall until at least a dozen new quality hotels are opened,” she added.

Industry insiders said the Kyiv five­star hotel market is nearing saturation and will reach it when the 10 planned luxury hotels are completed before the EURO 2012 football championship.

“One should not forget that the three­ and four­star hotel segments are also not filled in Ukraine," said Oleksandr Lytvyn, the general director of the elite Premier Palace hotel in Kyiv.

"And if we are talking about attracting a massive amount of tourists to the country, it is this segment that will be satisfying the demand,”

A number of mid­level international hotel chains have announced plans to fill the void in the three­star segment, industry players said.

With a 100­year history and renovated in 2001, the Premier Palace was the first five­star hotel to appear in Ukraine. The hotel was originally designed and built by city architect Lev Ginsburg and was known as a luxurious hotel before World War I.

The two­ to four­star hotel sectors in Ukraine remain thin and are low in quality with a poor range of services, hence international players might successfully fill up these undeveloped niches, industry insiders expect.

“This share will fall into the hands of hotels under the management of international operators, who also charge higher rates but offer a corresponding quality of service familiar to many travelers," Yablochkova said, naming Intercontinental, Ritz Carlton, Hyatt, Radisson as candidates.

Meanwhile industry insiders express concern that further development of the hotel sector in Ukraine will be hampered by problems, particularly the land use codes, red tape and endemic corruption.

“Issues like the hotel registration process; land allotment for construction; numerous compulsory procedures at the fire prevention, sanitary and epidemiologic institutions; and the process of obtaining all the necessary approvals and certificates is tricky, to say the least,” Martynyuk said.

On top of this, the rate of return on investment in the hotel business is a few years longer than in other real estate sectors. This slows down hotel investment, according to experts.

“It constitutes an obstacle for international investors that they do not see many examples of international hotel chain projects that have been successfully completed in Ukraine," Martnyuk said.

"At the same time, they see unclear and complicated conditions for getting all the necessary approvals and difficulties with the purchase of land plots or real estate properties."

Although a low level of competition and growing demand for hotel services is attracting foreign interest, industry players said the chronic problems must receive prompt government attention.

“If we had a favorable investment climate, we wouldn’t have found ourselves in a situation where we lack funds, stadiums and hospitality infrastructure on the brink of EURO 2012,” said Yablochkova.

Source: Kyiv Post