Ukrainian President Leonid Kuchma agreed on Monday to hold a new election... this, after the results were disputed over allegeations of widespread fraud. Kuchma's decision is supported by the two rival candidates, opposition leader Viktor Yushschenko and current Prime Minister Viktor Yanukovich, who was declared the winner.

Kuchma's agreement to hold new elections signals a shift in his position. He's previously supported Yanukovich. At a meeting attended by Yanukovich and other officials, he said new elections should be held for the good of Ukraine. And he warned on television that the country's financial system can collapse within in a few days, if the crisis is allowed to drag on, CCTV.com reported Tuesday.

Leonid Kuchma, Ukrainian president, said, "In a few more days, the financial system can fall apart as a sand house. And neither the President nor the government can not be held responsible for that. Government can't even function normally, as you all well know."

Under the mediation of Polish Congress speaker Jozef Oleksy, Yanukovich also gave ground, agreeing to new elections. Meanwhile, Yushchenko told Oleksy he would agree to several options, from all-new elections to re-balloting in provinces where frauds allegedly occurred.

Attention is now turning to the Ukraine Central Elections Commission, which under Ukrainian law has the power to decide on whether or not to re-organize elections -- despite the fact that the Ukrainian congress has passed a non-binding no-confidence resolution against it.

The country's Supreme Court has ended its first day of deliberations on an appeal filed by the opposition camp, charging vote rigging.