As defaults soar, banks stuck with weird collateral
(NEWSER) - With loan defaults soaring, Russia’s banks have had to seize a lot of collateral lately—and we’re not talking about houses. By year’s end, 20% of Russian loans could be non-performing, by Moody’s estimate. In order to recoup those losses, the banks have accepted controlling stakes in a lingerie retailer and a food store—and in one case, 40,450 pigs, Bloomberg reports. More»
