After over 20 years of incompetent governance, Ukraine is facing an existential threat. But incumbent interest groups are trying to revive the old extractive economic model. Why? Because it offers well developed and understood channels to extract resources from the many and distribute them as rents to the few. It seems that the IMF is willing to go along with reviving the old model. But this time the Fund has put itself at exceptionally high risk. What can be done to stop Ukraine returning to this dangerous path?