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19 January 2015


"Every month, every week, the government is losing money," said Alexander Valchyshen, head of research at ICU, a Kiev-based investment fund. "A government that has no money in its coffers is facing a desperate situation."


Now the worry is that hard currency reserves have plunged so low - $7.5bn (£5bn) at the last estimate - that the government might be unable to pay off its international loans, possibly as soon as next month.


If the worst happens it could be like the 1998 Russian financial crisis. Ukraine would default on its obligations, some banks would be forced to close, the currency would plunge and Ukrainians could see their life savings decimated.


The situation has alarmed the international community. But where could the money come from to rescue Ukraine?


Read more on BBC