Warnings of Russian Financial Crisis Spread as Banks Start Failing from Moscow Today [in English]
"The head of Russia's largest bank, German Gref, offered a bleak picture of the fate awaiting the country's banking sector in 2015 during the set-piece Gaidar economic forum in Moscow this week. "It's obvious that the banking crisis will be massive," the Sberbank chief told reporters. "The state will capitalize the banks and increase its stake in them, and the banks will buy industrial enterprises and become financial-industrial groups," Gref said Wednesday. "All our economy will be state-run." ... Solntsev gave a thumbnail sketch of the likely progression of events: "
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