Cracks in the group of 19 foreign banks negotiating with the Russian government had been evident for some time. Hardly surprising given the differences in their positions with large banks such as CSFB and Deutsche Bank too exposed to walk away and smaller banks, with less at risk, spoiling for a real fight. But no-one was prepared for the bombshell decision by Deutsche and Chase Manhattan to accept the latest offer for a portion of their holdings, concerning in Chase’s case solely its own-account securities.
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