Summary:
- Banks have applied for subordinated debt under the government's recapitalization plan
- Putin announces that more emphasis should be placed on social sector and hi-tech industry
From... United Bank of Switzerland Daily News Report:
Headline: Banks – Seeking Additional Capital
- 6 banks have applied for $15.2B USD of subordinated debt
- Amount exceeds the amount budgeted thus far
- Under government program, banks can receive 3 times the amount of subordinated debt that their private owners are willing to put into banks themselves
- UBS views this as positive – it will raise the capital base of the system by 17%
From... Business New Europe Daily News Letter:
Headline: Putin Says Budget Should Prioritise Social Sector and Hi-Tech Industry
- Putin says that the federal budgets for 2010-12 should prioritize social sector and hi-tech industry
- Says that the budget should be maintained balanced and endorse sources for financing the budget deficit
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