Ukraine: poisoned chalice

Viktor Yanukovich faces a hard road ahead. Ukraine’s President-elect has one the most unenviable jobs in the world. Yanukovich can savour the moment. When he lost the 2004 presidential election, he was widely castigated in the West as a retrograde politician and even a cheat. Now he has seen off his rivals, Viktor Yushchenko, the incumbent president, and Yulia Tymoshenko, the prime minister. And outside of Ukraine, he is regarded as safe pair of hands. The spread on Ukrainian 5-year credit defa...