Putin: Russian companies to receive $50B

Published: Oct. 10, 2008 at 1:43 PM
Order reprints
File photo of Russian Prime Minister Vladimir Putin dated September 17, 2008.  (UPI Photo/Anatoli Zhdanov)
File photo of Russian Prime Minister Vladimir Putin dated September 17, 2008. (UPI Photo/Anatoli Zhdanov) | Enlarge Enlarge
MOSCOW, Oct. 10 (UPI) -- Russian companies will be given $50 billion in government funds to refinance their foreign debt, Prime Minister Vladimir Putin said Friday.

Putin announced during a Cabinet meting that the money is being allocated as part of a financial bailout plan in light of the troubled global economy, RIA Novosti reported.

"Up to $50 billion is being earmarked to refinance borrowings made by Russian companies abroad," Putin said.

The state-run VEB bank will serve as a broker for the financial transactions

Putin also said the government was taking steps toward offering Russian banks subordinated loans for as much as $36 billion for 10 years, RIA Novosti reported.

"These funds will be used to increase banks' capitalization and to solve liquidity problems," the prime minister said.


© 2008 United Press International, Inc. All Rights Reserved.


Police: S.C. serial killer is dead (13 min)
California credit rating takes a hit (26 min)
Researchers find cancer link to freckles (28 min)
Bohemian Club seeks timber permit (33 min)
AG to ask for murder case dismissals (35 min)
Randy Johnson on DL with shoulder injury (38 min)
Immune system link to schizophrenia found (47 min)
Chinese drywall supplies comtaminated. Supplies
Chester Zoo warns visitors to beware the Apes of Wrath
SLED confirms that man killed in NC was SC serial killer. Local gun store owners inconsolable
Photoshop this air compressor
Wallet stolen in 1982 found inside a tree with everything but a $20 bill still inside. In other...
You know how they're always telling you how a "tiger can't change his stripes"? Well, they're full...