3 replies to this topic

[youmast]

The Russian Market lost 5% in 2 days. Here's a link.

http://stock.rbc.ru/...tml?show=intra3

And here is a few words about crazy Russians in my daily comment.

[youmast]

I've got a call from my Russian banker 5 min ago. She said that VTB bank (the 2nd largest in Russia) is going to reduce the interest on CD accounts by more than 2% starting from June. My 1yr deposit at 10.75% will expire in August. The interest on 1yr CD will be only 8.5%. If I want to lock-in the higher %%, I can open another 2yrs CD at 10.35% this month, and put the money from the previous CD to the new CD in August. I sertainly will do that. But... this is just another sample that liquidity is drying all over the world. Russian interest is at the lowest level ever (excluding Soviets). Such a big unexpected percentage drop could spell trouble ahead (IMHO). P.S. Yes, VTB bank is 75% owned by Russian government. Everybody knows who seat in there - "very well informed people". Psss....

[mmm]

Thanks Yuri. Always appreciate your insights and comments. Please post more to keep us informed. Dennis

[Rogerdodger]

Interesting post, Yuri. As always. Glad you are OK. I hear lot's of Russians are shooting themselves...in the back. Or drinking "hot" tea. Keep us posted.