Ukraine will take years to decide between Russia and the west, if it ever does. Sadly, its foreign exchange reserves do not have the luxury of time. While protests against the rejection of an EU free trade deal go on in the Kievan cold, watch out for Ukraine’s ebbing $20bn reserves. These cover about two and a half months of imports, below the three that can start alarm bells ringing at the IMF, and worse than the ratio for Egypt, a country in a similar slow-motion foreign exchange crisis.
烏克蘭將需要多年時間才能在俄羅斯和西方之間做出選擇——如果它有朝一日真的做出選擇的話。可惜其外匯儲備不允許這種時間上的奢侈。在抗議者頂著基輔的嚴寒，抗議政府放棄歐盟自由貿易協定之際，應當留意烏克蘭不斷縮水的200億美元外匯儲備。這點儲備可以覆蓋約兩個半月的進口，低于促使國際貨幣基金組織(IMF)警覺的3個月門檻，而且比埃及（另一個逐漸滑向外匯危機邊緣的國家）更糟。
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