But EU member states, facing their own fiscal constraints, have shown no willingness to consider additional bilateral aid. So Ukraine continues to teeter on the edge of the abyss.

While the Group of Eight committed itself to cancelling all debts of eligible heavily indebted poor countries, countries that are euphemistically described as middle income countries teeter on the brink of disaster as they struggle with unsustainable debts.

All booms are different, but every major financial crisis has at its heart the same issue major banks get into trouble and teeter on the brink of collapse. Disruption at the core of any banking system leads to tight credit, with major negative effects on the real economy.