It seems to me that when a body such as the IMF dictates the agenda of a government (demanding specific reforms before it shows Ukraine the money) even when the reforms will mean real hardship for the population, then that government is not representing the people, and what we have is not a democracy. The government is in fact acting as the stooge of a lender, and a really dumb stooge at that, since the government assumes all the risk while the IMF is just playing with other people's money. In Ukraine what we have is a willfully dumb set of stooges who do not even seem to understand who calls teh shots in their own government. No matter what Obama says, Ukraine is not a democracy and will not be any time soon.
The revolutionaries (not necessarily the people in the streets but the people put in place by the US because they are the most biddable parties) may have bitten off more than they may be willing or able to chew in the long run. The cold, hard reality here is that Ukraine has been corrupt and virtually lawless for twenty years and now the poor are going to suffer the consequences of spineless political factions operating with power and loot as their ultimate objectives and not the welfare of ordinary people. I foresee much taking to the streets, burning tyres, etc., but it will be fruitless as long as foreign debt gets paid on schedule.
Ukraine is screwed.
“The expectation is that Ukraine will act in a market-friendly way.” ...
...“Ukraine should of course honor its debt no matter who is holding the bonds,” Lutz Roehmeyer, a money manager at Berlin-based LBB Invest overseeing $1.1 billion of emerging-market debt, including notes from Ukraine, said in an e-mailed response to questions. “I hope both countries will recognize they are mutually intertwined and dependent on each other.”
S&P 'Ukraine likely to default' -- BusinessInsider article penned before the overthrow of the constitutionally elected government by mob action in Kiev. Basically, Ukraine is in a situation where it is cheerfully mortgaging its future.