Russia corps repaid, restructured $174 bln -Putin
Russian companies and banks have paid back or restructured $174 billion of their obligations to foreign lenders in recent months, Prime Minister Vladimir Putin said on Monday, a figure amounting to over a third of their total foreign debt.
"In recent months our companies have managed to significantly pay down or structure their debts, by $174 billion, and they did it independently, without our support," Putin told the State Duma, or lower house of parliament.
Central bank data reported last week showed Russian banks and corporates owed about $452 billion as of Jan. 1, down from nearly $500 billion as of Oct. 1, 2008.
Putin said the state was not answerable for any private sector obligations. It used state bank VEB to refinance foreign debt secured by Russian assets, he said.
"We ensured that assets of strategic companies were re-pledged as collateral with Russian banks instead of foreign ones," Putin said, adding that if Russian owners failed to redeem debts to VEB, the latter would become the owner of those assets.
"In recent months our companies have managed to significantly pay down or structure their debts, by $174 billion, and they did it independently, without our support," Putin told the State Duma, or lower house of parliament.
Central bank data reported last week showed Russian banks and corporates owed about $452 billion as of Jan. 1, down from nearly $500 billion as of Oct. 1, 2008.
Putin said the state was not answerable for any private sector obligations. It used state bank VEB to refinance foreign debt secured by Russian assets, he said.
"We ensured that assets of strategic companies were re-pledged as collateral with Russian banks instead of foreign ones," Putin said, adding that if Russian owners failed to redeem debts to VEB, the latter would become the owner of those assets.
