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. Last Updated: 07/27/2016

Russian Debt Talks

MOSCOW -- Western banks have suggested in negotiations that Russia should bankrupt local banks to pay foreigners for frozen government paper, Itar-Tass quoted a government official as saying Friday.

"The Western banking community is sure there is money in the Russian banking system that can be used to repay the debt and that we are not doing everything necessary in regards to the banking sector," Deputy Finance Minister Mikhail Kasyanov said.

Kasyanov heads a Russian delegation in London negotiating terms for rescheduling treasury bills and bonds that the government froze in August pending restructuring.

Kasyanov said talks would continue in the middle of next week.