Mortgage crisis in the USA knocks Russia (Part 2)
17 January 2008A number of Russian banks have experienced problems with liquidity. Long-term credits inside the country were frequently lent out on short-term credits taken abroad in hope for their refinancing. However mortgage crisis in the USA has overset these plans. Russian investors unexpectedly were sought for. Having lost an opportunity of being loaned up abroad, banks began to entice home investors at the advanced interest on deposit.
Many Russian companies, which have planned IPO for the end of the last - beginning of this year, have postponed these plans till better times.
Experts consider, that the severest phase of “world economic turbulence†waits for us in the future. Expensive credits and bankruptcies will slow down economic growth worldwide. According to IMF, because of the crisis growth rates of the world’s GDP in 2007 has fallen from expected 5,2 % to 4,8 %.
Analytics guess, whether Russia will be a kind of «silent harbor» for investors from the entire world, or its financial market will be shaken, as in the other countries.
- Mortgage crisis in the USA knocks Russia (Part 1)
- Middle February Russia will raise mortgage bank-rates and make requirements more rigid
- EBRD: Russian mortgage is unreliable and inconvenient
- International conference Private Banking and Wealth Management in Russia
