``Many of the usual arguments are advanced for the terms, such as the emergency need to "stabilise government finances". But on the fund's own admission the implementation of its policies will lead to an increase in Ukraine's public sector deficit in the short term, and the deficit "will decline only gradually thereafter". Preserving the private-sector banks seems to take precedence over the stated objective of improving government finances. The state will be expected to recapitalise the failed private banks using public resources.''

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