Pyotr Aven of Alfa Bank has given a pretty grim interview to the Financial Times, in which he predicts that overdue loans could hit some 15-20% of credit portfolios.  The interview shows some signs of desperation over at Alfa, who is seeking to prod the Kremlin back into providing state aid to ease up credit lines.

“We can expect that the level of overdue loans for the whole system might reach 15-20 per cent” by the end of the year, Mr Aven told the Financial Times. “Maybe the 20-30 biggest banks, including Alfa, will receive state support – we’re sure.

“But the future of hundreds of small banks is under big question . . . I believe that hundreds of banks will disappear by the end of the year.”