How can something as simple as a bank savings account bring about economic reform in Ukraine?
As I spend time here in Kyiv getting to know the savings and spending habits of Ukrainians, I notice there are very big differences with regard to savings compared to most Westerners.
Most Ukrainians I have met are very averse to saving for a rainy day. When I ask why that is the usual response is that the banks cannot be trusted. I often hear Ukrainians tell me about the direct or indirect experience of people depositing their lives’ savings into a bank and then one day see the bank has closed its doors, leaving the depositor with no recourse.