Crossword Genius

Overseas loan halved need for capital (4)

Ross

I believe the answer is:

oslo

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'for capital' is the definition.
(capital of Norway)

'overseas loan halved' is the wordplay.
'overseas' becomes 'os' (abbreviation).
'halved' means to take half the letters.
'loan' cut in half is 'lo'.
'os'+'lo'='OSLO'

'need' is the link.
This may not be correct. It may belong to another bit of the clue.

Can you help me to learn more?

(Other definitions for oslo that I've seen before include "Capital often frozen" , "European capital in go-slow" , "Scandinavian capital" , "Norwegian chief port" , "Northern city" .)

I've seen this clue in the Sydney Morning Herald.
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