Russia’s Overleveraged Economy as a House of Cards
Source: http://www.robertamsterdam.com/2008/10/russias_overleveraged_economy.htmPosted on Saturday, October 18th, 2008 | In Russia
Contributed by: Robert Amsterdam (http://www.robertamsterdam.com/) -
Andrew Kramer has a piece in today’s New York Times which examines how so many of Russia’s most wealthy people lost so much money in so little time during the current financial crisis. Not a lot of new information, but some interesting quotes:
If banks require businesses to sell shares to repay these loans, “the Russian stock market could come down like a house of cards,” Michael Kavanagh, a mining sector analyst at Uralsib bank, said.
“This could be a game changer for a lot of very, very large players,” Rory MacFarquhar, an economist at Goldman Sachs in Moscow, added. “The ground is shifting under them.”
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Tags for this Post:
Bank, Cards Andrew Kramer, Goldman Sachs, Michael Kavanagh, Moscow, New York Times, Rory MacFarquhar, Russia, Russia, UralSib
Bank, Cards Andrew Kramer, Goldman Sachs, Michael Kavanagh, Moscow, New York Times, Rory MacFarquhar, Russia, Russia, UralSib
 About Robert Amsterdam (http://www.robertamsterdam.com/)
Robert Amsterdam is a lawyer and an advocate for rule of law. His blog was created to express views which may stimulate debate and discussion on topics of international interest. Robert believes that we live in a world of unchallenged impunity, and he views his blog as merely a small attempt to shine a light on issues he views as important in countries with which he is engaged. He make no apologies or pretense of objectivity - he is merely stating his opinions. |
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