Ukraine Currency Crashes To Record Low As IMF Blasts ‘Gross Abuses’

Despite celebrations of de-escalations and truce in US equity markets (by asset-gathering commission-takers), the situation continues to go from bad to worse in the nation almost forgotten now that ISIS is stealing American headlines. 

The Hryvnia plunged 7.5% this morning – its biggest single-day drop on record – following the release of a scathing IMF letter and devaluation warnings from BofA. The IMF blasted Ukraine’s “premature emission of extra money,” and demanded it “immediately halt these gross abuses,” as BofA warns of risk of “10-20% devaluation” in the next year is high given reserves are at a “critical level.” .... http://www.zerohedge.com