Badly managed loans and overconfidence in cashmere have Mongolians in default
(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 West’s recession—the high-end...
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