Clinton -- doomed & wagging, Japan collapses, Y2K bug, etc Message Board

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Politics : Clinton -- doomed & wagging, Japan collapses, Y2K bug, etc

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To: Sidney Reilly who wrote (763)	11/13/1998 8:07:00 PM
From: SOROS	of 1151

Russia faces banking collapse Up to half of Russia's 1,500 banks may collapse in coming months, the country's central bank has warned. First deputy chairman of the central bank, Andrei Kozlov, said the government does not have enough money to bail out all the domestic banks hit by the rapid devaluation of the country's currency, the rouble, in August. The rouble value of their loans from Western creditors and other foreign currency liabilities has sky rocketed as a result of the currency's plunge. Mr Kozlov has told a parliamentary committee a central bank action plan to save the banking system requires 40 billion roubles ($1.5bn) to prop up the most important banks while 720 smaller institutions would not be helped and may well have to close. Leading international credit agency Moody's Investors Service has said most Russian banks would be unable to repay foreign debts and were effectively insolvent. Credit shock If wholesale collapses do occur, it would be another severe blow to international banking confidence, which has already been badly dented by Russia's financial crisis. Analysts say that, at worst, a minor 'credit crunch' could result with affected Western banks tightening lending practices and calling in loans around the world. Western financial markets and banks, especially in Germany, suffered when it became apparent billions of dollars in loans to Russia were at risk after the devaluation. Bankruptcies in Russia's banking system may begin within the next few days with the expiry of a government-imposed 90-day moratorium on debt repayment to foreigners on Saturday. Larger banks Tokobank and Inkombank have already collapsed. news.bbc.co.uk

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