World

I received a message from two sources inside Ukraine regarding banking in that country:

"For the second week I cannot withdraw money from my account in Privat Bank. To any questions the answer is that technical works are underway. I am not alone. There are rumors that banks are closing accounts and stealing money."

Comment from a different source:

This is NOT a rumor. Major Ukrainian banks are conducting an "economic evacuation." They arrange loans at 40% or more per annum in front of shell legal entities. They withdraw funds to foreign accounts.

It is now thought that as soon as the Ukrainian banks are done with withdrawing money, the Ukrainian banking system will collapse.

Individuals and companies will lose their deposits, and the hryvnia (Ukraine national currency) will sharply depreciate. People will run to exchange the hryvnia for dollars, which will finally kill the national currency.