Ukrainian snap election postponed

PRESIDENT VIKTOR Yushchenko has postponed Ukraine's snap general election for one week to help political leaders deal with the threat of financial crisis.

He made the announcement last night, hours after his allies and the main opposition Regions Party boycotted a crisis meeting called by prime minister Yulia Tymoshenko, who says the elections could ruin the country at a time of economic turmoil.

Mr Yushchenko moved the elections to December 14th from December 7th but, along with the Regions Party, his allies ignored Ms Tymoshenko's appeal to create a broad new coalition to guide Ukraine through financial woes that have forced it to seek help from the International Monetary Fund (IMF).

"It is a great shame that there has been insufficient wisdom to form a united team," said Ms Tymoshenko, whose on-off alliance with Mr Yushchenko since they led the 2004 Orange Revolution crumbled again last month, when she joined the Regions Party in seeking to reduce his powers.

"My proposal to unite everyone in parliament to strengthen the government remains in force," she added, while blaming Mr Yushchenko and the Regions Party for pushing for a "reckless" snap election. Ms Tymoshenko has refused to accept that this will take place, and preparations for the ballot are already behind schedule.

Both the president and prime minister met IMF officials yesterday and expressed confidence that it would provide Ukraine with a loan which officials say could amount to $14 billion (€10.5bn).

In recent weeks, Ukraine's government has had to rescue two large banks, the national currency has lost some 12 per cent of its value, and the stock market has plunged. Ms Tymoshenko urged Ukrainians not to panic, however, saying of the financial crisis: "It is knocking at our door, but we need not let it in."