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Moscow announces emergency bailout measures

Latest update : 2008-10-10

Russia's lower house of parliament, the Duma, approved two anti-crisis packages worth a total of $86 billion. Earlier, Russia's financial regulator postponed the opening of the country's two main stock markets.

Russia's lower house of parliament, the Duma, approved two anti-crisis packages worth a total of $86 billion at the third and final reading.

The packages include making available $50 billion of state money to banks and companies who need to refinance foreign debt, and giving 950 billion roubles ($36.31 billion) to Russia's key banks in subordinated loans.

These emergency measures follow a week of tumbling share prices in markets around the world. Earlier, Moscow had also delayed the opening of the country's two main stock markets, avoiding the downslide experienced by other European markets.

 "Following an order from the Federal Service for the Financial Markets, regular trading will be halted," the RTS and MICEX exchanges wrote in statements posted on their websites.
   
The measure was taken to stem volatility after share prices in Asia went into a tailspin spooked by Wall Street's late sell off on Thursday.
   
In Moscow, the top indices on Russia's dollar-denominated RTS and ruble-based MICEX bourses bounced back by around 10 percent on Thursday after several days of steep losses.
   
Known for their volatility even in the best of times, Russia's bourses have been on an especially wild ride this week, hit by spells of panic selling as investors reacted to turmoil on global markets.
   
Russia's two main stock indices have plummeted by more than 60 percent since reaching record highs in May, in part due to a global credit crunch that began in the United States.

 

Date created : 2008-10-10

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