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. Last Updated: 07/27/2016

State Backs PIK's Debt

The government stepped in to ease the debt woes of PIK Group, a key provider of low-income housing, on Thursday with a 14.38 billion ruble ($469.9 million) loan guarantee.

PIK's talks to restructure its debts are the most closely-watched in Russia's real estate sector, hard hit by falling family budgets as unemployment has risen and the ruble's purchasing power declined.

(Reuters)