RUSSIA DEFAULTS ON DEBT

London(CNN Business) Russia has defaulted on its foreign debt because it offered bondholders payments in rubles, not dollars, credit ratings agency S&P has said.

Russia attempted to pay in rubles for two dollar-denominated bonds that matured on April 4, S&P said in a note on Friday. The agency said this amounted to a "selective default" because investors are unlikely to be able to convert the rubles into "dollars equivalent to the originally due amounts."
 
https://www.google.com/amp/s/amp.cnn.com/cnn/2022/03/17/economy/russia-default-explained/index.html


"A default is a disaster for Russia," said Timothy Ash, a senior sovereign strategist at BlueBay Asset Management.

The country's assault on Ukraine has left it with few friends in the international community, and a default would likely cut off access to foreign financing for years.



Russia's economy is already hemorrhaging. Since the war started, its currency has fallen to record lows, critical revenue is slowing as oil traders shun Russian crude, dozens of international corporations have suspended operations, and sanctions have frozen more than $300 billion in foreign currency reserves.

The pain of a default will be felt largely within Russia.

The International Monetary Fund's managing director, Kristalina Georgieva, said a financial crisis beyond Russian borders was unlikely to develop "for now," saying that the exposure of Western banks was "not systemically relevant."

For anyone having flashbacks of the 2010s European sovereign debt crisis, now is a good time to take a deep breath. Systemic risk appears to be low.
 
evince said:
Doesn’t matter


They defaulted


They are fucked


Why would the world lend money to the new Hitler
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You would call a man a debtor although you won't allow him his own rightful money ?

You sound like a fascism fan.
 
moon said:
You would call a man a debtor although you won't allow him his own rightful money ?

You sound like a fascism fan.
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Listen to you thinking Putin owns that money and Russia


Yes we freeze criminals money that they got through crimes
 
I remember this hugely moronic individual that goes by the name of 'Evince' try to tell this board that it is impossible for a government to default on its debt..............so how is it possible now?
 
SmarterthanYou said:
I remember this hugely moronic individual that goes by the name of 'Evince' try to tell this board that it is impossible for a government to default on its debt..............so how is it possible now?
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I remember that as well. Oh well...you're surprised by this sudden shift? The dude has no ground. His opinions blow with the wind.
 
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