The world's worst-performing currency this year, the Ukrainian hryvnia, has bounced back 47 percent since last week's precipitous plunge. It's tempting to conclude Ukraine has pulled back from the brink of financial disaster. In reality, the Ukrainian central bank and government are just sweeping their problems under the rug to make them less obvious to the International Monetary Fund as it prepares a decision on a rescue package for the country on March 11. After the IMF money arrives, Ukraine will probably resume its previous monetary policy -- the most disastrous and Soviet-like pursued anywhere in Europe since the early 1990s.
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