Oil fund to help banks
www.telegraph.co.uk/money/main.jhtml;jsessionid=WEXB1IMM...
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Money from Russia's newly-created sovereign wealth funds could be diverted to help local banks survive the global credit crunch - suggesting that such funds may be less of a force in global finance than claimed.
Herman Gref, Russia's former economics minister and now head of Sberbank, said funding had dried up for "second echelon" lenders, leaving banks struggling to cover $80bn (£41bn) of short-term foreign loans to be repaid this year.
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Oil fund to help banks
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Submitted by moonlight on Mon, 02/04/2008 - 08:15.
