I guess this could be construed as an effect of the financial crisis on the real economy.
"MOSCOW, Oct 10 (Reuters) -- Russia's Rosevrobank, a mid-sized lender, has asked clients to pay back their mortgages right away rather than risk the prospect of real estate prices falling 30 percent, the bank said on Friday.
"We are warning clients that they are in a crisis situation, that we are in this situation with them, and that both of us need to create a certain pillow of support," Elena Safyanova, the bank's head of communications, told Reuters.
With the credit crunch showing no signs of abating, many Russian companies from the largest conglomerates to the smallest retail chains have been taking desperate measures to raise cash."
Read the full story here. I hope my bank doesn't ask me to pay back my mortgage in the next few days. I'm not sure what I would do.
-- Luke Allnutt
"MOSCOW, Oct 10 (Reuters) -- Russia's Rosevrobank, a mid-sized lender, has asked clients to pay back their mortgages right away rather than risk the prospect of real estate prices falling 30 percent, the bank said on Friday.
"We are warning clients that they are in a crisis situation, that we are in this situation with them, and that both of us need to create a certain pillow of support," Elena Safyanova, the bank's head of communications, told Reuters.
With the credit crunch showing no signs of abating, many Russian companies from the largest conglomerates to the smallest retail chains have been taking desperate measures to raise cash."
Read the full story here. I hope my bank doesn't ask me to pay back my mortgage in the next few days. I'm not sure what I would do.
-- Luke Allnutt