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FSA head sees no reasons to speak about default
Astana, January 13 2009
The chairman of the State Financial Supervision Agency (FSA) Elena Bakhmutova excludes the possibility of default.
"We raise a question of restructuring (of the banks' external debts - IF-K). Nobody is talking about default. By now we have only assumed a free-will talks with moneylenders," Bakhmutova told reporters after a Tuesday meeting of the government in Astana.
According to her, the banks must grab all opportunities to prevent the default, including the restructuring of external debts. Speaking about the prime minister, Karim Masimov's, and SamrukKazyna National Welfare Fund head, Kairat Kelimbetov's, statements concerning the restructuring, she noted that "the banks didn't take up the idea."
As reported, earlier Kelimbetov have spoken about the readiness of SamrukKazyna in cooperation with other state institutes to negotiate the issues of restructuring the external liabilities of Kazakh second-tier banks.
Meanwhile during the meeting of the Foreign Investors' Council in Almaty Masimov has stated that in the light of the global economic crisis Kazakh government intends to share the risks between foreign investors and the state.