Out of enthusiastic talk of reform and overoptimistic assumptions about economic recovery, the IMF concocted a scenario that allowed it to lend Ukraine $17 billion over two years. A further 11 billion euros would come from the EU and $1 billion in loan guarantees from the United States. Japan chipped in too. In addition, the EU agreed to take 98 percent of Ukraine’s exports tariff free. Visa-free travel was envisioned for 2015. For the winter, the EU promised to backstop Ukraine’s energy supplies by providing a flow of gas through Slovakia, Poland and Hungary.
