The Ukrainian government's move to nationalize PrivatBank, the nation's largest lender, followed months of rumors that the bank was troubled by bad debts.
Radio Free Europe: Ukraine Nationalizes Country's Largest Bank
The Ukrainian government says it will nationalize the country's largest bank in an effort to avoid a financial collapse in the former Soviet republic that is locked in a military and political standoff with neighboring Russia.
Ukrainian President Petro Poroshenko's cabinet said in a statement late on December 18 that the government had decided to take 100-percent control of PrivatBank, founded by billionaire and former governor Ihor Kolomoyskiy, one of the lender's major shareholder.
The move follows months of rumors that the bank was troubled by bad debts.
The statement by the cabinet said the takeover would rescue both PrivatBank and Ukraine's "entire banking system."
Read more ....
WNU Editor: Before the Maiden revolution I kept the equivalent of about $6,000 USD in Ukrainian currency in this bank .... a back-up for my visits to Kiev when I go to see my cousins and friends. After the revolution .... wars .... currency controls .... you name it .... if I was to convert what I had left today it would be worth a few hundred dollars .... if I am lucky. Such is how bad Ukraine has fallen in 3 years. That is why I am not surprised with this banking collapse and the need for another rescue from the IMF .... sighhh .... a horrible situation that just keeps on getting worse.
Update: LOL .... Ukraine finance minister says PrivatBank depositors' money safe (Reuters)
Update #2: I have to see it to believe it .... Wind of Change: US, Europe 'Review Their Stance on Ukraine' (Sputnik).
More News On Ukraine Nationalising The Country's Largest Bank
Ukraine’s No. 1 Bank to Be Nationalized as Tycoons’ Rescue Fails -- Bloomberg
Ukraine nationalises country's largest bank -- AFP
Ukraine nationalises largest lender -- Financial Times
Ukraine’s government nationalizes one of country’s largest banks -- TASS
6 comments:
"PrivatBank, Ukraine's largest lender partly owned by controversial oligarch Ihor Kolomoisky, is under criminal investigation by the authorities for fraudulently diverting around what was then about $1.8bn, the bank has confirmed."
http://www.intellinews.com/ukraine-s-largest-lender-privatbank-investigated-for-diverting-1-8bn-of-imf-funds-500447074/?archive=bne
Western aid money pours into Ukraine .... the money then goes out. Jay .... this is just the tip of the iceberg.
Yup, a great waste of taxpayers money.
"Yup, a great waste of taxpayers money."
Driven into some rich's pockets.
Like the case of Greece.
Even in Italy the actual government may decide how to save Monte dei Paschi di Siena, the most ancient bank of the world, in order to avoid a collapse of the system.
And most probably with taxpayers money.
Kolomoyskiy is only the most evident subject of an occult billionaire elite without wise or decency that run the actual world.
The Greeks have a nice socialist system that no one obeys.
So many Greeks eat out. There is money there.
Greece is just so punishingly socialist that people avoid taxes.
Yup too many greedy people like YC.
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