FINANCIAL TIMES: Russia said on Tuesday it would pump $37bn in long-term subordinated loans into state-controlled banks in a new measure to fight off a deepening financial crisis that has seen the steepest losses ever on the Russian stock exchange.
Dmitry Medvedev, the Russian president, announced the measure to pump five-year loans via the two biggest state banks, VTB and Sberbank, after an emergency meeting with the heads of the biggest state banks to discuss what he called “a large scale financial crisis”.
Investors said the move would provide much needed longer term liquidity into the banking system and could revive money markets that have frozen in what one fund manager called a “vicious cycle of fear.” Russia Lends Banks $37bn to Stem Crisis >>> By Catherine Belton in Moscow | October 7, 2008
The Dawning of a New Dark Age – Paperback (US) Barnes & Noble >>>
The Dawning of a New Dark Age – Hardcover (US) Barnes & Noble >>>
