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| Illustration: Paul Daviz |
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Nationalizing any bank can be a tricky business. When the institution in question holds over a third of a country’s retail deposits and processes three quarters of its payments, the task could be fairly described as daunting. Add in powerful oligarch owners, endemic corruption and an economy still recovering from revolution and recession, and you have all the ingredients for a high-stakes national psychodrama.
That is the situation the Ukrainian authorities found themselves in last December.
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