MOSCOW (AP) — Russia has bailed out a mid-sized bank for about $500 million to save it from bankruptcy— a clear sign that the slide in the value of the ruble in the wake of falling oil prices is straining the banking system.
The problems afflicting Trust Bank follow a tumultuous period for the ruble, which this year has shared the title of the world’s worst performing currency with the Ukrainian hryvnia.
Last week, its descent gathered pace, sparking a consumer rush that saw worried Russians flocked to shops to buy cars and durable goods before prices rose further.
Putin has overseen an …read more
Source: San Francisco Chronicle
