19 December 2016, 22:00 GMT
WASHINGTON (Sputnik) – Kiev decided to nationalize PrivatBank after the central bank, the National Bank of Ukraine, declared it insolvent on Sunday. The central bank said nationalizing PrivatBank, which holds about one-third of all deposits in Ukraine, was necessary to avert a meltdown of the Ukrainian economy.
"Vice President Joe Biden called President Petro Poroshenko today to commend him, the government of Ukraine, and the Central Bank for their decisive action to strengthen the country's banking sector and protect Ukrainian depositors through the nationalization of PrivatBank," the release on Monday stated.
During the call, Poroshenko also reaffirmed Ukraine’s cooperation with the International Monetary Fund on economic reforms, according to the White House.
