by Thomas Manning

Ukrainian president Viktor Yanukovich has announced last week that he will take a sick leave from the presidency as protest continue throughout the Ukrainian capital of Kiev. The trigger for the protests in the capital of Kiev and throughout the country were caused by president Yanukovichs’ failure to sign an association agreement with the European Union, adding fears that he is trying to maintain close ties with Russian president Vladimir Putin and stay within Russia’s sphere of influence.

The resignation of the government which took place on Tuesday January 28^th included the resignation of the Prime Minister, Mykola Azarov who once referred to the protesters in the Ukraine as “terrorists”. Along with the resignation of the government and the Prime Minister, president Yanukovich also accepted the repeal of the harsh new anti-demonstration laws that were passed on January 16^th, which restricted the freedom of speech and restricted the right to assemble (a move to try and make protesting even harder for protesters in Kiev).

Another Ukraine protest in Kiev?

The resignation of the Prime Minister and government could be seen as a severe threat to Russian president Vladimir Putin as his government is looking to re-assert itself into the former Soviet Union republic, as Ukraine is seeking to figure out its future and decide which way it wants to move in terms of whether to stay in the sphere of influence of the Soviet Union or make a move more toward Europe and the EU, regarding policies of economics, debt and trade.

Ukraine’s government debt to GDP ratio when last reported on January 31, 2012, stood at 35% of the nation’s total debt, with 36.50% being the previously recorded government debt to GDP ratio with 81.00% being the highest recorded government debt to GDP ratio in Ukraine’s history. Since the resignation of the Prime Minister and the Government there was an  announcement made on Thursday that president Yanukovich was taken a sick leave and would return on Monday to the presidency and would be willing to “cede considerable power to parliament under a new constitution.” Also, Russian officials said on Tuesday that the financial aid package that the Ukraine relies upon Moscow for, may be in a more strenuous position depending on the way the outcome of the protest turn out.