Word: crediteers
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...Savov at Credit Suisse says the banking problems could slow domestic investment and industrial growth. But significantly, Russia's most important banks don't appear to be at risk - in fact, their conservative behavior, rather than risky practices, may be holding the economy back. About 40% of the nation's deposits is in the hands of three stodgy institutions with strong ties to the Kremlin - Sberbank, VTB and Gazprombank - that have been increasingly loath to lend to some 1,200 scrappy, smaller rivals. This is contributing to the liquidity squeeze. "It's the second- and third-league firms and banks...
...Some Russia watchers are expecting much more upheaval. Vladimir Savov, an analyst for Credit Suisse in Moscow, sees the recent turmoil as the beginning of a broad consolidation of Russia's highly-leveraged banking sector. "We want to hope that this will improve the resilience of Russia's financial markets in the long term," he says, "although in the near term the process could be painful." Renaissance says it had been in talks for some time and didn't act out of distress. But its move came a few days after the first financial institution fell victim to the crisis...
...England Brown Faces Down Critics Prime Minister Gordon Brown scored a reprieve from those within his party pushing for his ouster. In a heralded speech at Labour's annual meeting in Manchester on Sept. 23, Brown said the country's current financial turmoil--echoing credit-crisis woes in the U.S.--meant this was "no time for a novice." He went on to refer to Labour as a "rock of stability...
These markets are still very fragile and the conditions in the credit markets are very tight. This is in many ways about just not-it's about the illiquid assets in the financial institutions and it's about confidence...
...through the system not only to create new jobs but to sustain existing jobs. Most people when they think of businesses, they think of parts or supplies, they don't recognize they need short term funds to meet the payroll, to pay for inventories, and people understand the way credit cards work, and we have a lot of credit in the system, and if someone couldn't use their credit card they could understand the impact on businesses...