Financial Maidan: Thousands of Ukrainians protest austerity measures

© Sputnik/ Evgeni Kotenko

A crowd of thousands gathered on Tuesday outside the parliament building in Kiev to show their opposition to cost-cutting measures proposed by the government of Ukraine.

"First of all, they want to pass a budget, with which the majority of people gathered here today are dissatisfied, and they want to extend the powers of the National Security and Defense Council of Ukraine," Vitaly Yahno, the coordinator of the protest told the Ukrainian news website. "And our task - is to ensure that the laws are passed, which we submitted."

"The 'Financial Maidan' is demanding the passing of legislation which has already been registered, but they [the authorities] don't want to put them on the agenda," Yahno explained.

The protest site on Tuesday stretched from the immediate boundary of the parliament building to the nearby Mariinski Park, and also blocked traffic on the road between the park and parliament building. According to a correspondent from RIA Novosti, on Tuesday afternoon around two and a half thousand protestors were assembled in largely peaceful protest, while the perimeter of the parliament building was guarded by several hundred security officers, including those of the National Guard.

However, one protestor told that the protestors were ready to take their demonstration to the next level: "If our demands are again ignored we are ready to take radical measures. We are addressing you, the servants of the people. You have already done everything, so that we don't have anything more to lose," adding that the protest was waiting until two p.m. for a response.

reports that the demonstration began last week, when around 400 borrowers and investors from across Ukraine marched to the building of the Ukrainian National Bank and demanded to meet with the central bank's head, to ensure the passing of laws to regulate bank credit and deposits. The demonstrators also demanded to meet with the Ministers of Finance and Justice, and with Ukrainian Prime Minister Arseniy Yatsenyuk.

RIA Novosti's correspondent reported that during the course of the day's demonstration other movements also joined the protest, including representatives from Ukrainian trade unions, and supporters of the Svoboda party. Slogans heard from the crowd included "The National Bank is seeping hryvnia," and "Lvov is against being at the mercy of the banks."

On Tuesday, the Ukrainian parliament is due to hear around 40 legislative proposals for the 2015 budget from the Ukrainian government, which include sharp cuts comprising pay freezes, pension reductions and the abolition of educational and healthcare benefits.

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On Tuesday, as many as 2,000 demonstrators outside the Verkhovna Rada, Ukraine's parliament, called on Prime Minister Arseniy Yatsenyuk to end the measures dictated by international creditors.

The protesters demanded the premier to stop cutting social benefits, subsidies, and price controls on utility rates, since the state budget is expected to be slashed by 10 percent and gas prices are to become three times more expensive.

Most of the cuts are to be made in the social sector, with 10 percent of the country's public workers expected to lose their jobs.

Students also took part in the protest, slamming a 20-percent drop in education spending, the abolition of scholarships, and a rise in tuition fees. They also protested against the closure of some 400 schools.

The demonstration comes after Yatsenyuk announced the measures designed by the International Monetary Fund (IMF) and other creditors in return for financial aid.

According to the premier, Ukraine has "received a total of USD 9 billion in financial aid from the IMF, World Bank, and other financial institutions" this year, but has spent USD 14 billion servicing its debts. He added that Kiev would need another USD 15 billion next year.