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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: Ramsey Su who wrote (15043)	6/8/2004 7:46:14 PM
From: zebra4o1	Read Replies (1) of 110194

Russian rates soar on bank risk fears How is this for a triggering event: news.ft.com Russian rates soar on bank risk fears Banks are limiting their lending to each other due to uncertainty about the central bank's efforts to clean up the system, writes Päivi Munter Russian interbank interest rates soared and the domestic bond market ground to a halt on Tuesday, hit by continued uncertainty about the central bank's next move in its quest to clean up the banking system. Overnight interest rates breached 20 per cent at one point, compared with a recent norm of 2 to 3 per cent as banks limited lending to each other, fearing exposure to risky counterparties. Secondary market trading in rouble-denominated bonds was reduced to a trickle, as rumours about the next target of banking-sector investigations made for a wary market. In the first move of its kind, the central bank recently revoked the licence of Sodbiznesbank, a small retail institution, under new money-laundering regulations. Fears of a wider crackdown spread after KreditTrust, another Russian bank, on Friday said that it was seeking liquidation, although it later reversed its plan.

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