Wish you had friends like these?

In Japan on 26/03/2011 at 8:56 am

There are reports that The Tokyo Electric Power Company, whose nuclear plant was badly damaged by the earthquake and tsunami in Japan, is negotiating for loans of as much as 2 trillion yen, or about $25 billion. Sumitomo Mitsui Financial Group, the power company’s main bank, is trying to organise the syndicated loan, and said it planned to provide “the maximum support possible.”

The FT reports that in the 1998 financial crisis when Sumitomo Mitsui was facing difficulties, Tokyo Energy (triple A rating) borrowed cheaply US$2bn from Western banks and deposited the money with Sumitomo Mitsui.


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