A series of conciliatory remarks from both the Russian and Ukrainian authorities in recent days has given rise to hopes that tensions in Eastern Ukraine may start to ease. But despite promising signs at a government level, there are no signs yet that violence on the ground has abated. Meanwhile, Ukraine’s economy remains extremely fragile. Although a full-blown balance of payments crisis now seems unlikely thanks to a backstop from international lenders, public and private sector debts continue to pose a threat.
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