West organizing bailout for Ukraine

|By:, SA News Editor

The U.S. and the EU have been working on a multi-billion-dollar IMF aid package for Ukraine following the ouster of President Viktor Yanukovych over the weekend.

The White House has asked Russia to join the effort, with the aim being to ease tensions between East and West over Ukraine. Russia's $15B aid package for the country is on hold, while it has recalled its ambassador to Kiev for consultations.

The EU is happy to help, but wants Ukraine to overhaul its economy in return for assistance.

The moves to shore up the country come after S&P last week cut its credit rating to CCC and said it risks default.