Russia: Looking for survivors
The situation in Russia changes day by day. By the time you read this the country could have a new government, an impeached president and no functioning financial infrastructure. Euromoney's Brian Caplen visited Moscow in mid-September. He found chaos, paranoia and a banking system bleeding to death - fast. He also found a handful of institutions that should survive.
Russian banks face extinction following the country's economic meltdown and long political stalemate. In the chaos of mid-September with no government, no central bank governor, the rouble free falling and the payments systems in seizure, even healthy banks were counting the days they could stay alive. "Banks' blood is money and there is no money in the system. Everyone is bleeding to death," said one analyst.
"It's possible that no-one will emerge alive if there is no policy," said Maxim Shashenkov, head of sales and trading at Alfa Bank.