EU Declares Ukrainian Rebels Referendum Illegal

The European Union said it would not recognize the result of a referendum on self-rule held by pro-Moscow rebels in east Ukraine on Sunday, calling it illegal.

“The so-called referenda in … parts of the Luhansk and Donetsk regions were illegal and we do not recognise the outcome. Those who organised the referenda have no democratic legitimacy,” Maja Kocijancic, a spokeswoman for EU foreign policy chief Catherine Ashton, said in e-mailed comments to Reuters.

She said holding the referendum ran counter to the objectives of an agreement reached by Ukraine, Russia, the European Union and the United States last month that aimed to defuse the Ukraine crisis.

Ukraine’s Crimea region was annexed by Russia in March after a similar vote.

Kocijancic said the European Union encouraged the Ukraine government to push ahead with efforts to reach out to all regions through a proposed national dialogue, including steps towards an inclusive dialogue on constitutional reform.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza