Moscow's construction crunch

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The global financial crisis hits Russian construction market, resulting in the freezing of major building projects, a near collapse of the mortgage system and job losses. Russian companies have to repay or refinance 120 billion dollars (USD) before the end of 2009, and the government has already pledged to help refinance (USD) billion dollars (USD) from its foreign exchange reserves amid the capital markets freeze. Stefanie McIntyre reports.

Tags: financial crisis, construction market, mortgage system, Russian companies

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