- Following a week of violent anti-government protests that has left dozens dead, Ukraine's parliament yesterday voted to oust President Viktor Yanukovych and to set elections for May 25.
- The ballot came not long after demonstrators took control of Kiev's city center and Yanukovych left the capital to the eastern part of the country. He tried to board a plane to Russia but was prevented.
- The parliament also freed opposition leader and former Prime Minister Yulia Tymoshenko from prison after 2 1/2 years of incarceration.
- The removal of Yanukovych comes after S&P downgraded Ukraine to CCC from CCC+ and said that the country is likely to default because of the political situation
- Yanukovych's ouster could pull Ukraine, which is a key east-west oil route, back towards the EU and away from Russia. Demonstrations first started against the government in November after Yanukovych rejected an EU integration pact in favor of $15B in Russian assistance.
- ETFs: GUR, ESR