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About half of Ukrainian banks on verge of bankruptcy

November 28, 2012, 13:30 UTC+3

Financial analysts say problem of crisis is rooted not in dollar’s growth, but in obligations to pay higher interest on annual deposits

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MOSCOW, November 28 (Itar-Tass) — About half of Ukrainian banks are on the verge of bankruptcy, their accounts are frozen and payments on deposits and salary cards are suspended, the Russian News Service radio station said.

“Financial analysts say the problem of the crisis is rooted not in the dollar’s growth, but in the obligations to pay higher interest on annual deposits,” the radio station said.

According to the newscast banks had offered deposits at interest rates ranging 22 percent to 26 percent, but by the due date they had failed to raise the necessary amount of cash. Ukrainian banks do not rule out that some of them may be subjected to sanctions, while others may get refinancing.

The families of civilian seafarers in Sevastopol, who get paid in dollars, have found themselves in the worst position.

“The banks do not have the hard currency, and the families refuse to accept hryvnias,” the Russian news service said.



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