Basil Kalymon: Memo to Ukrainian government - privatization can succeed if you get out of way

On July 18, Ukraine's most recent attempt at privatization came to a disappointing conclusion. Odesa's petrochemical plant, OPZ, was placed up for auction, but after the government set a minimum price of $520 million, no qualified bidders came forward. As a consequence, the state still owns the enterprise, which continues to impose losses on the state budget. That outcome is a clear indication of the market's rejection of the Ministry's opening minimum price. But it could also be an indication of intentional blockages by interested parties and an attempt to discredit the entire program in order for corrupt state managers to maintain their privileged positions.