They had elections for President, and in the first round, current President Viktor Yushchenko was completely blown out, and the top vote getters, Russian friend Viktor Yanukovych, and current Prime Minister Yulia Timoshenko went to a runoff.

Well, Yanukovych won the election, though Timoshenko is still contesting the election.

As a result, investors are avoiding a Ukrainian debt issue like the plague as a result, because:

• Investors don’t like an unstable government, and because they prospect of Timoshenko remaining in government unsettles them because:
• She has a reputation for obstructionism that makes John Boehner look like Doctor Ruth The cabinet that she has nominally been in in charge of has been unable to agree on budget cuts that the bond investors are demanding.

It’s a mess.