Posted on 12/18/2016 6:54:08 PM PST by dynachrome
The Ukrainian government announced on Sunday that it will nationalize PrivatBank, the country's biggest lender, in one of the biggest shake-ups of the banking system since the country plunged into political and economic turmoil two years ago.
In a statement late on Sunday, the government made no mention of the size of the potential burden to the state budget, but said it would ensure a stable transition and the smooth functioning of the bank.
The Finance Ministry will take over PrivatBank, which is part-owned by one of Ukraine's richest men, the powerful oligarch Ihor Kolomoisky. Finance Minister Oleksandr Danylyuk said depositors' money was safe and secured by the state, and that the bank was functioning normally.
"The private shareholders of PrivatBank proposed to the government that it become the bank's owner in the interests of its clients," the government said in a statement.
"The transition period begins on 19 December. The state will ensure a smooth transition and the stable functioning of the bank."
(Excerpt) Read more at reuters.com ...
Russia, I give you permission to take all of Ukraine now
Nationalize....privatbank.... Will they at least change name?
Hides the two-fisted stealing, socializes the losses.
Bail in comimg?
Rather than allow it to collapse the regime bails it out... the money is to be printed (150 billion hryvnia -- divide by about 25 to get the USD equivalent).
In other words, expect the currency to nosedive and given that nearly everything is imported, a drastic drop in living standards.
This may get quite entertaining soon.
Sounds like they are bankrupt and want the government to assume the debt to the customers.
I know the women are beautiful. Is the country corrupt like Mexico?
I just hosted a beautiful Ukranian model for five days (she left yesterday). I've shot with her twice before in the past couple years, but first time having her stay at my house while in town.
She tells me that things at home are really at their worst now... the current president is horrible. Last one was bad, but not this bad.
Last month they banned all Internet based payment systems (Paypal, etc.) making it hard because one must have their own business to survive. People who work for anyone else only make $100-$150/month.
The Ukraine government periodically will bomb (rockets) a city in the east so they can blame it on Russia and get automatic funding from the US. She's seen the rockets, and everyone there knows which direction they come from.
She expects a full out revolution any time now. She just bought 5 acres of beachfront land in Ecuador, and her 5 year plan is to build a resort and move her family there and be in the resort business.
Nah, it's a fiscally responsible, totally non-corrupt country - just like all the other fragments of the former U.S.S.R.
Regards,
Exactly correct. The level of corruption in their banking system is staggering.
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