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."
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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)
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
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