Ukraine is Technically Bankrupt. State Treasury Accounts are Empty

Opening balance of the Single Treasury Account (STA) has decreased by three times in August. The remainder of funds in the STA as of October 1, 2012, constitutes 2.311 billion hryvnias (289 million USD) which is 4.297 billion less (2.9 times) than it was on September 1.

The State Treasury reports that this is the lowest remainder value that had been since January when it constituted 2.062 billion hryvnias. In reality these numbers mean that Ukraine is technically bankrupt. To finance budget programs you need at least 15 billion. In this situation we are talking about patching the budget holes in manual manageent mode.