Russia gives approval for $86 billion bank rescue

Germany News.Net
Friday 10th October, 2008

Trade on Russian stock exchanges continued to be suspended on Friday as the Duma debated and approved measures worth $86 billion to assist banks bogged down by the credit freeze.

The government will make $50 billion available to banks and firms that need to refinance foreign debt.

The rest will be available as loans.

The package has been designed to restore confidence in Russian banks and revive shares, which have seen steep falls due to panic selling.

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