Political turmoil in the Ukraine has seen Standard and Poors warn over a default for the country. The ratings agency said ongoing Russian financial support was unlikely, which could result in the Ukraine being unable to meet its debt obligations. The Ukraine government is not expected to agree to conditions for alternative financial assistance from the U.S., EU, or IMF. S&P warned that a forced devaluation of the Ukrainian currency has significantly increased, with its financing needs the highest among large emerging markets. TheStreet's Jane Searle has details from New York.

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