Putin Just Announced A Massive Foreign Currency Bailout For Russia's Collapsing Banks

Townhall.com Staff
|
Posted: Dec 04, 2014 10:44 AM

In his annual address to the nation on Thursday Russian President Vladimir Putin announced that the country's reserve funds, usually earmarked for investment in state projects, should be used to bail out troubled Russian banks. In doing so he revealed just how grim the prospects for financial institutions have become following the rouble's collapse. The Russian private sector appears to be on state-funded life support.