Via the Washington Post, commenting on Russian president’s Vladimir Putin’s press conference (overnight Asian time):
- The latest news is that Russia’s banks are going to need a bailout, and soon. The interest rate they charge each other on short-term loans—which shows how much they believe in each other’s solvency—shot up to 28.3 percent on Thursday, higher than it was even during the 2008 crisis.
As if that’s not bad enough … how about this to pique your interest?
- Russian banks can stop marking their losses to market, and use the old exchange rate to calculate the “value” of the assets on their books.
Uh-huh…
