Vladimir Putin yesterday told the heads of Russia's leading banks not to plan any summer holidays but to help overcome the steep recession by lending more – even as the country braces itself for a surge in bad loans.
The prime minister called on state banks to boost lending by up to $16bn (€11.4bn, £9.7bn).
VTB, the state-controlled second-biggest lender, said bad loans had already surged three times this year to 6 per cent of the total, and gave warning that it would face losses in 2009.
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