KZBlog

to the government buy out of banks.
Many seem to feel the government deliberately destabilized banks to allow them to take them over and use them.

Of course it is all rumors and speculation. However it is a bit sad that people can believe that their government is conspiring against them. Let’s hope for a day when the reputation of the government and business in this country is such that people will never believe such speculation. After all, one friend noted that it is a typical Soviet solution to problems–unify everything so you can control it. If the financial crisis was created by banks lending to each other, then you need to wipe out all the banks. Then they can’t lend to each other. Problem solved. So the government may in fact be doing what it thinks is best for the country. After all, all this started after the rather sudden appointment of Grigor Marchenko as chairman of the National Bank of Kazakhstan. Marchenko is an experienced hand, and while loyal to the President, many feel he left his post as advisor to the President for Halyk Bank 4 years ago when he was unhappy about some political decisions made within the government. So hopefully Marchenko looks to what is good for the economy.

What do you, dear readers, think about the buying of bank shares?