Economics and Investing:

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Banks loosen lending standards to levels seen before financial crisis – G.G.

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Russian bank manager: “This is the end of the banking system” – CDV

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Items from Mr. Econocobas:

U.A.E. Sees OPEC Output Unchanged Even If Oil Drops to $40

Russia Defends Ruble With Biggest Rate Rise Since 1998

Russian Rate Jump Fails to Stop Ruble Crash – This is looking like it is about to spiral out of control..

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