Russian Banks

As reported on the front page of today's FT, leading Russian bankers expect 15-20 % non-performing loans by the end of this year. Not at some banks, but as an average of the total Russian banking system!

It is expected that hundreds of Russian banks will "disappear", while the largest 20-30 banks will survive based on state support.

But hey, things aren't all bad: Russia's biggest vodka maker has posted record sales in 2008, and expects further sales growth for 2009. На здоровье!