Behind every billionaire there is a story!

Billionaire Warns Of Credit Risk

Lev Leviev, the Israeli diamond and property billionaire, said global credit markets “may get worse this year” and recommended holding cash.

“We expect that the market may get worse this year and do not exclude that Russia will be affected” by the global liquidity squeeze, Leviev told reporters in Moscow on Thursday after his local real estate company AFI Development Plc posted record earnings for 2007.

Leviev said Russian companies are paying annual interest of as much as 13 percent to borrow in rubles and 11 percent in dollars. “So we are sitting on our cash to buy sites cheaper when opportunities arise,” he said.

read the rest published by St. Petersburg Times here:

http://www.times.spb.ru/index.php?action_id=2&story_id=25484