Rushing through emergency legislation to prop up its troubled
lenders is not enough to save Russia from a financial crisis in
|As useful as a
On December 22 its central bank had to intervene after a
deposit run threatened to bankrupt midsize lender National
At the time of writing, state-owned banks VTB and
Gazprombank were also reportedly receiving government
hand-outs. The reality is that Russia's President, Vladimir
Putin, finds himself in a catch-22.
He can either decide not to recapitalise the banks and risk
catastrophic defaults, or...