With commercial banks gradually pulling their interbank and short-term credit lines from Soviet institutions and completely cutting off medium-term lending, the Kremlin's authorities are tempted, if not compelled, to take on higher pay-off banking transactions internationally.

CENTERFORSECURITYPOLICY: Center For Security Policy

But medium- and long-term lending has also increased strongly, suggesting that the government's stimulus package has started to kick in.

ECONOMIST: For those looking gamely for bright spots, China flickers

The latest ECB survey of lending conditions, carried out AFTER that medium-term cash for banks, suggested that banks are now even less keen to lend to European companies than they were a few months ago.

BBC: Central banks: A long way from decoupling