Ukraine appealed for urgent international aid on Monday after the fall of Russian-backed president Viktor Yanukovich cast doubt on a bailout deal with Moscow, saying it needed $35 billion over the next two years.
With acting President Oleksander Turchinov warning that Ukraine was close to default and "heading into the abyss", the United States and European Union said they were looking at how to help Kiev.
Both, however, indicated that any comprehensive package was likely to take shape only after elections in May and in coordination with the International Monetary Fund, which is likely to demand painful economic reforms.
Ukraine has been caught in a geopolitical tug-of-war between Russia and the EU. With Yanukovich now a fugitive, its chances of receiving the remaining $12 billion of a $15-billion bailout package agreed with Moscow in December, after Kiev spurned an EU trade deal, seem to have receded.
Turchinov, appointed after Yanukovich was stripped of his powers by parliament on Saturday, sounded the alarm about the economy in an address to the nation on Sunday evening.
"Against the background of global economic recovery, the Ukrainian economy is heading into the abyss and is in a pre-default state," he said.
Financial analysts said, however, that the economy was not about to collapse. Prices of its government bonds rallied and the cost of insuring its debt fell, in a sign of investors' confidence that it could avoid default.
The European Commission confirmed a variety of options were being discussed. "The EU has been working on an international economic support package for Ukraine - short, medium and long-term support to address the challenges of the Ukrainian economy," said Commission spokesman Olivier Bailly.
EU officials said it was highly unlikely Europe, the United States or anyone else would put the kind of sums mentioned by Kiev on the table right away. However, smaller bilateral loans, possibly coordinated by the EU, could be used to give short-term help, they added.
Discussions have already taken place with Japan, China, Canada, Turkey and the United States on possible help, a senior European Commission official said, and efforts are being made to keep Russia engaged in the process as well.
Elections scheduled for May 25 to elect Yanukovich's successor were crucial.
"Many of the proposals we're working on require an IMF deal to be in place, which means an operational government in Ukraine, so it can't happen until after the elections," said a separate official involved in efforts to help Ukraine.
The IMF agreed a $15.5 billion loan for Ukraine in 2010, but suspended the deal last year after Kiev failed to implement the required reforms, which included removing gas price subsidies and freely floating the currency.
Washington offered help on Monday but linked it to reforms and a new IMF deal.
"The United States, working with partners around the world, stands ready to provide support for Ukraine as it takes the reforms it needs to, to get back to economic stability," said White House spokesman Jay Carney, adding that "this support can complement an IMF program by helping to make reforms easier".
