Switzerland is bailing out UBS, but some say the banking system won’t melt down. The lead story on the Financial Times website?

IMF ready to help stabilise Ukraine

The credit crisis deepened as Hungary and Ukraine turned to international institutions in an effort to avoid following Iceland into financial turmoil and US industrial production suffered its largest monthly decline since 1974.

I don’t think this is what McCain meant when he told us to “watch Ukraine.”

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