"Russian banks asked the government to moderate talks to restructure $US400 billion of loans to foreign banks falling due within four years, said the head of the Russian Association of Regional Banks."
"It would be most effective if the debt were restructured so it's clear to everyone, creditors and borrowers, how the debt will be paid," Aksakov said. "The government has the money. Some companies and banks have rather large hard currency liabilities on their balance sheets."
Speculation of European bank losses on Russian loans drove declines in the euro against the dollar and yen today. Russia has pledged more than $200 billion in emergency funding as plunging oil prices push the world's biggest energy supplier into its worst economic crisis since 1998 when it defaulted.
The euro fell sharply on the report, sliding against the US dollar and the yen. The Australian dollar also fell under 66 US cents, down nearly 2 cents in a day.
The newspaper quoted a Russian banking industry official as saying up to $US400 billion in debt was at stake.
