re: Update pg 23: Russia,IMO, will default on its sovereign debt within six months

The Russian Duma (parliament) passed a bank recapitalization bill today....in one day which is almost unheard of.

One member of the Duma says anyone who voted against the bill wants Russia to have another 1917-type revolution.

It calls for injecting 1,000,000,000,000 rubles (one trillion) into the country's "systemic" banks.

LINK

quote:

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A bill authorizing a 1-trillion ruble recapitalization of banks was rushed through Russia’s lower house of parliament.

Legislators in the State Duma approved the bill in all three readings today, allowing the Finance Ministry to issue new OFZ bonds that will be exchanged for subordinated bonds of recapitalized banks.

“Those who are against are Bolsheviks,” Andrei Makarov, chairman of the Duma’s committee on budget issues and taxes, told deputies. “You are calling for 1917.”

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