Kazakhstan has to undertake a delicate balancing act. The state is trying to put the country’s most vulnerable banks back on their feet while not provoking a run on them or exhausting its $40 billion in foreign reserves. But bond investors are unhappy that a multi-billion dollar government bailout could leave part of the burden from an international debt crisis at two of the biggest banks on their shoulders.
Also, a group of north American and western European bankers’ associations wrote to Kazakhstan’s...
