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. Last Updated: 07/27/2016

Leningrad Fails to Pay




ST. PETERSBURG -- The Leningrad region failed Friday to pay full interest on a $50 million syndicated credit, a regional official said.


The region was due to pay $2.3 million in semi-annual interest on the three-year credit, led by West Merchant Bank and Moscow Narodny Bank, which was extended in 1998.


"We have transferred some of the money [to pay the interest]," Dmitry Shiryayev, deputy head of the regional finance committee, said, without saying how much was paid. "Now we are getting a banking credit, which will allow us to complete the interest payment in about a week," he said.