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- Author(s): Gumbel, Peter; Zarakhovich, Yuri
- Source:
Time International (Atlantic Edition). 10/6/2008, Vol. 172 Issue 14, p42-43. 2p. 1 Color Photograph, 3 Graphs.
- Subject Terms:
- Additional Information
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- Abstract:
The article reports that the economy of Russia has endured severe losses in 2008 after growing rapidly for several years leading up to the crash. Most of Russia's growth was enabled by lending banks from the U.S. and around the world. As these banks began seeing losses in 2008, they froze their credit accounts and stopped giving out loans. This lack of liquidity for the Russian economy has caused several banks to fail, including KIT Finance and Renaissance Capital.
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