An item from our news desk on Moscow's reaction to Kyiv's decision to ban the use of Soviet-era symbols. Perhaps not surprisingly they sound a bit miffed:
Russia's Foreign Ministry has responded angrily to legislation passed in Ukraine on April 9 that bans the use of Soviet-era symbols and could require the removal or demolition of all monuments from Ukraine's Soviet past.
In a statement on April 10, Russia's Foreign Ministry said the attempts of Ukrainian authorities to erase memories of the country's past would lead to large problems in Ukrainian society.
The Russian Foreign Ministry statement criticized Ukraine's ban of "propaganda of the totalitarian communist and Nazi regimes," saying Kyiv was using "totalitarian methods" to liquidate parties and organizations and attack "freedom of the press, opinion, or conscience."
The statement said Russia "continues to watch with alarm" the efforts of Ukrainian authorities to wipe out the "heroic past of the people of Ukraine."
Officials in Kyiv see their history in the 20th century differently, viewing the period between 1939 and 1945 are a fight against Nazi Germany and Soviet authorities.
(TASS, Interfax, Reuters)
Some downbeat economics news from our news desk:
The Standard & Poors (S&P) rating agency has downgraded Ukraine's credit rating to CC, a notch lower than the previous CCC- level, and says the outlook is negative.
The agency said, "We would classify…restructuring of Ukraine's foreign currency debt as tantamount to default."
However, S&P affirmed Ukraine's long-term local currency sovereign credit ratings at CCC+ as well as the short-term foreign and local sovereign credit ratings at C.
Concerning the negative outlook, the ratings agency said, "The negative outlook reflects the deteriorating macroeconomic environment and growing pressure on the financial sector, as well as our view that default on Ukraine's foreign debt is virtually inevitable."
The Ukrainian government has begun negotiations with creditors for $15 billion in debt relief, part of a $40 billion, four-year financial rescue envisioned by the International Monetary Fund.
But, the IMF has warned, the breakdown of a fragile ceasefire with pro-Russia rebels in the country's east, the failure to reschedule its debt with private lenders, or domestic political issues could all undermine the plan.
(AFP)