Skip to comments.Bank Run Full Frontal: Ukrainians Withdrew 7% Of All Deposits In Two Days
Posted on 02/25/2014 10:55:57 PM PST by Jet Jaguar
Well that escalated quickly. It seems the ouster of Yanukovych, heralded by so many in the West as a positive, has done nothing to quell the fear of further economic collapse in Ukraine:
*UKRAINIANS WITHDREW AS MUCH AS 7% OF DEPOSITS FEB. 18-20: KUBIV *DEPOSIT WITHDRAWALS STILL HIGH IN THE EAST, KUBIV SAYS This is around a 30 billion Hyrvnia loss (over $3 billion) in just 2 days for the banks and the new central bank chief is considering "stabilizing loans" to help banks deal with the liquidity crisis (though Ukraine's reserves stand at a mere $15 billion).
Reserves are in freefall... and will only get worse if the bank run continues...
(Excerpt) Read more at zerohedge.com ...
Stuff happens when your top government offcials are corrupt.
And when you think the Russians might come in and seize everything.
Same thing will happen here. The corrupt government is propping up the markets. The inevitable crash is going to hurt everyone.
They are also controlling the precious metals prices.
When it comes to money it’s not the Russians they’re worried about.
Now that the Russians’ guy is out, there’s no Russian aid. But the Ukrainians know that their State has amassed huge debts and liabilities. So they are taking their money out before they get ‘bailed in’. They don’t want to be Cyprus II.
The last time the oranges were in power they wrecked the economy.
The Hrivna is sagging badly. The exchange rate against the dollar has gone to 9.5/1 an all time high. Imported goods are really expensive now and getting worse