Ukraine: PrivatBank was a boon to Mills

Back in June, holders of Eurobonds bailed in during the state takeover of Ukraine’s PrivatBank last year hired a clutch of upmarket American PRs to make the case to western journalists that the nationalization was illegitimate.

Some of their arguments seemed tenuous – they had little luck convincing writers from reputable publications. They did, however, score one notable success. Later that month, an outraged blog post was published on the website of the Mises Institute, a US think-tank dedicated to promoting the ideas of Austrian School economists. 

The post, which was widely disseminated by the bondholders’ PRs, savaged the Ukrainian central bank for nationalizing Privat “for what we now know was an incorrect understanding of the facts.

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