Ex-speaker of Ukrainian Parliament offers his own anti-crisis program. The first five points are about the banking system and call for transferring problem assets to a single state bank furnished with maximum liquidity. What has remained of the banking system should be immediately placed under control to avert a domino effect.

Moreover, the banking system should receive liquidity from the central bank in order to exclude the possibility of speculations on the domestic stock market and of the illegal outflow of capital abroad.

Besides, one should impose control — temporarily, during the crisis — on the banks’ credit portfolios so that target-oriented credit programs may be linked to the amount of liquidity made available by the central bank, which will refinance the infrastructure projects that can make it possible to ride out the crisis.

First of all, it is necessary to additionally fund the farming sector this year to forestall social protests. The same applies to construction and automobile-making. In my opinion, we should now draw up and carry out credit programs to stimulate purchase of cars produced in Ukraine, housing, and other domestically produced goods.

“We should urgently impose new rules on the insurance market in order to prevent intentional losses, as well as revise the budget and throw out the stupidities that the MPs managed to railroad.

“Ukraine should urgently begin negotiations with the Federal Reserve, which could, in theory, provide direct or indirect financial aid. Naturally, under no circumstances should Ukraine allow a sovereign default. There should be no difference in gas prices for different sectors.

The entire domestic gas output should be placed under control and put up for auction. We should reduce gas consumption as much as possible and keep intermediaries, including the Russian Gazprom’s subsidiary, away from the market.

“This country faces increased unemployment and the return of at least one million job-seekers from abroad. These people have some money, so I would offer them real training and have their earnings channeled into small and medium-sized businesses. And I would advise having the unemployed involved in ‘Roosevelt-style’ public works.

“I also suggest making a model of the domestic governmental loan and, in general, a wider use of debt instruments inside the country. We should not finance social expenditures by printing money. This would be a catastrophe. We must not withdraw money from the economy and the budget and then spend them again for social needs. We must let the economy work.”