Ukraine's debt deal is better than defaulting – but it's just a stop gap

Agreement gives most troubled economy in Europe some breathing space without solving its problems

The debt deal Ukraine has painstakingly negotiated with its creditors is welcome and preferable to the alternative: a default that would have put additional pressure on the country's shaky banks and led to both capital flight and a protracted battle in the courts. But amid all the backslapping a bit of perspective is needed.

Related: Ukraine agrees 'win-win' debt restructuring deal