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London (CNN Business)Russia has sent the clearest signal yet that it will soon default — the first time it will have failed to meet its foreign debt obligations since the Bolshevik revolution more than a century ago.
Half of the country's foreign reserves — roughly $315 billion — have been frozen by Western sanctions imposed after the invasion of Ukraine, Russian finance minister Anton Siluanov said on Sunday. As a result, Moscow will repay creditors from "countries that are unfriendly" in rubles until the sanctions are lifted, he said.
The default could come as early as Wednesday, when Moscow needs to hand over $117 million in interest payments on dollar-denominated government bonds, according to JPMorgan Chase.
A default could drive the few remaining foreign investors out of Russia and further isolate the country's crumbling economy.
I will say that when rightists say, "Biden ain't doin' nuttin'!" they need to be reminded that they don't know what Biden is or isn't doing.Russia could default on its debt within days
Russia has sent the clearest signal yet that it will soon default — the first time it will have failed to meet its foreign debt obligations since the Bolshevik revolution more than a century ago.www.cnn.com
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So, who's going to shed a tear?
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I will say I'm starting to get a greater appreciation of the depth & ramifications of the sanctions levied.
Maybe we will, if we end up with 117 mil in rubles that no one wants to exchange for real money.Russia could default on its debt within days
Russia has sent the clearest signal yet that it will soon default — the first time it will have failed to meet its foreign debt obligations since the Bolshevik revolution more than a century ago.www.cnn.com
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So, who's going to shed a tear?
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I will say I'm starting to get a greater appreciation of the depth & ramifications of the sanctions levied.
Let's hope this will put additional pressure on Putin and those around him. Putin has put his folks in the poor house for years, the Oligarchs will continue to build even larger yachts.Russia could default on its debt within days
Russia has sent the clearest signal yet that it will soon default — the first time it will have failed to meet its foreign debt obligations since the Bolshevik revolution more than a century ago.www.cnn.com
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So, who's going to shed a tear?
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I will say I'm starting to get a greater appreciation of the depth & ramifications of the sanctions levied.
What are the specific repercussions of Russia defaulting on certain debts? Other than the creditor losing out on money, and Russia less likely to be loaned money going forward, does this change anything in the near term in a meaningful way?
Maybe we will, if we end up with 117 mil in rubles that no one wants to exchange for real money.
I will say that when rightists say, "Biden ain't doin' nuttin'!" they need to be reminded that they don't know what Biden is or isn't doing.
How many railcars will be needed to move $117 million worth of nearly worthless rubles?Russia could default on its debt within days
Russia has sent the clearest signal yet that it will soon default — the first time it will have failed to meet its foreign debt obligations since the Bolshevik revolution more than a century ago.www.cnn.com
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So, who's going to shed a tear?
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I will say I'm starting to get a greater appreciation of the depth & ramifications of the sanctions levied.
The question is who do they owe money to?
The ramifications are that can’t fund their war machine, can’t buy replacement parts and munitions. Although, they may have a huge stockpile, when it’s gone it’s gone.
I'll bite. What is he doing?I will say that when rightists say, "Biden ain't doin' nuttin'!" they need to be reminded that they don't know what Biden is or isn't doing.
I call it Schrodinger's foreign policy, to the right Biden is somehow simultaneously doing everything and nothing.I will say that when rightists say, "Biden ain't doin' nuttin'!" they need to be reminded that they don't know what Biden is or isn't doing.
Heh!I'll bite. What is he doing?
I call it Schrodinger's foreign policy, to the right Biden is somehow simultaneously doing everything and nothing.
I like one version of his cat better than the other.I call it Schrodinger's foreign policy, to the right Biden is somehow simultaneously doing everything and nothing.
So, who's going to shed a tear?
Maybe? Should he get credit based on a maybe?Heh!
My point is you don't know and neither do I. There's been some activity internationally around freezing funds and seizing assets, do you think the President of the United States might have been involved in that scheme?
I don't get it. What do you want?Maybe? Should he get credit based on a maybe?
What do we know of that he is responsible for, that is worthy of praise?
As far as I know that column in his ledger is blank.
Who are the creditors?Russia could default on its debt within days
Russia has sent the clearest signal yet that it will soon default — the first time it will have failed to meet its foreign debt obligations since the Bolshevik revolution more than a century ago.www.cnn.com
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So, who's going to shed a tear?
--
I will say I'm starting to get a greater appreciation of the depth & ramifications of the sanctions levied.
Wars don't come cheap. Who wants to finance this war if Russia can't?What are the specific repercussions of Russia defaulting on certain debts? Other than the creditor losing out on money, and Russia less likely to be loaned money going forward, does this change anything in the near term in a meaningful way?
A new wave music group called "Club Adobe" was on tour in Russia back in 1991 when the revolution stranded them for a while.
But they got an idea, stick around and weather the storm and use some of their money to make further inroads.
So they BOUGHT an entire cassette tape manufacturing facility for peanuts, guaranteeing them a Russian distribution network.
So, what does a tape cassette manufacturing plant sell for in 1991 post-collapse Russia?
Try thirty thousand US dollars.
If Russia defaults, and defaults hard, somebody with some smarts would do well to buy the Sovtek vaccuum tube manufacturing plant at fire sale prices.
A lot of musicians depend upon Sovtek vacuum tubes these days. So do a lot of wealthy audiophiles who have a soft spot for vacuum tube sound.
I bet if the Ruble drops down to something like five hundred or a thousand to the dollar that tube manufacturing plant could be had for a hundred grand or even less.
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I will say that when rightists say, "Biden ain't doin' nuttin'!" they need to be reminded that they don't know what Biden is or isn't doing.
I imagine China will happily finance it behind the scenes so long as this conflict strengths China and weakens everyone else.Wars don't come cheap. Who wants to finance this war if Russia can't?
All true. But all of Putin's eggs are in one basket. One has to worry about his lobbing a nuke in desperation.The question is who do they owe money to?
The ramifications are that can’t fund their war machine, can’t buy replacement parts and munitions. Although, they may have a huge stockpile, when it’s gone it’s gone.
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