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Banks Seize Herds as Recession Hits Mongolia

Badly managed loans and overconfidence in cashmere have Mongolians in default

By Clay Dillow,  Newser Staff

Posted Apr 20, 2009 10:05 AM CDT

(Newser) – Proving the recession is truly global, banks in Mongolia are threatening to foreclose on herders’ goats, sheep, and camels, the Wall Street Journal reports. Mongolians call it a financial “zud,” a local term for unusually devastating winters. Falling cashmere prices stemming from the...   Read full story »

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livestock • herdsman • Mongolia • camels • sheep • goats • consumer credit • financial crisis • cashmere

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