*RUSSIAN BANKS, BUSINESSES SEEK TO RESCHEDULE LOANS, NIKKEI

*This seemingly shocking headlines come from an article on the front page of the Nikkei Shimbun this mornin g (in Japanese only)- It quotes from an interview with the Chairman of the Russian Regional Bank Assoc saying that Russia started negotiations with foreign banks (mainly European) to extend its debt terms. Debt involved totals up to $400B. Russia has already reached agreement with some banks. HSBC, DB are cited as looking to start negotiations. Effect on Japanese banks are unknown.

EUR under pressure.