Talks on the restructuring of GKOs – Russian treasury bills on which the government defaulted last August – have once more been cast into disarray just days before a deadline imposed by the Russian finance ministry was due to expire.
In a whirl of publicity Credit Suisse First Boston, co-chair alongside Deutsche Bank of the original group of 19 western creditor banks, has announced a new fund open to all holders of GKOs which claims to provide up to three times the estimated market value of the official Russian proposal.
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