Posted on 06/27/2022 5:00:12 AM PDT by Browns Ultra Fan
Already gone!
Russia defaulted on its foreign-currency sovereign debt for the first time in a century, the culmination of ever-tougher Western sanctions that shut down payment routes to overseas creditors.
For months, the country found paths around the penalties imposed after the Kremlin’s invasion of Ukraine. But at the end of the day on Sunday, the grace period on about $100 million of snared interest payments due May 27 expired, a deadline considered an event of default if missed.
It’s a grim marker in the country’s rapid transformation into an economic, financial and political outcast. The nation’s eurobonds have traded at distressed levels since the start of March, the central bank’s foreign reserves remain frozen, and the biggest banks are severed from the global financial system.
But given the damage already done to the economy and markets, the default is also mostly symbolic for now, and matters little to Russians dealing with double-digit inflation and the worst economic contraction in years.
War is hell and Ukraine is paying the price as well.
Meanwhile, European sovereign bond yields are up over 10 basis point this morning, but not UK and Sweden (non-ECB nations).
(Excerpt) Read more at confoundedinterest.net ...
They will sing this victory song….
Who owns this debt?
The globalists won’t let the Russians pay and the Russians have the money. This story is stupid. Mark my words, holders of Russian debt will seek relief from the countries that prevented Russia from meeting their debt obligations.
Russia has the money. This is an attempt to goad them further.
This is phase 2
Russia did not want to go to phase two as the war has degenerated into a logistics and war of attrition. The longer the war runs, the slower the Russian economy will become.
They have long supply lines to the Russian troops in Ukraine but their lines are only occasionally attacked.
Ukraine also has long supply lines as ammo must come from NATO. Russia has only marginally been able to attack those lines.
Running out of men, ammo, food and the will to fight will be be the rock either nation is broken on.
Oh, wait, there actually is something stupider than that: You could be a Clveland Browns fan after the DePerv Watson deal... I mean all they had to do was get Mayfield's shoulder repaired in the off season.......
If it’s sovereign, Russia does.
But WTH is foreign sovereign debt?!
Why anyone buys Chinese treasuries is beyond me.
I don’t think Russia is holding the bag necessarily.
They have the money, they just aren’t allowed access via our sanctions.
At least that’s my low level understanding…
Did you see the Ruble is CRASHING today!!!!!
Russia was FAKING it all - the Ruble is WORTHLESS, as they cannot even pay such a tiny debt!!!!
If I read this correctly it is not that they cannot pay but that western enemies have prevented allowing the access so they can pay.
Correct me if I am mistaken please.
They tried to pay it but the banksters blocked payment.
They tried to pay it, but $oros and his banksters buddies blocked payment.
They were attempting to pay with gold but that was blocked. Bondholders will be paid woth seized assets once the crisis is over.
Then comes the war with China. Don’t hold any bonds with them, as the same thing will happen when they invade Taiwan.
You act like money will still matter after the nuclear blasts. LOL
Is is still a default if the West “caused” it by not allowing Russia access to assets to cover it? Implications and considerations?
SCOTT RITTER: The Fantasy of Fanaticism
June 25, 2022
Despite what some “defense analysts” may be telling Western media, the longer the war continues, the more Ukrainians will die and the weaker NATO will become.
[well worth reading at the link. even bitter reality is always preferable to sweet fantasy.]
https://consortiumnews.com/2022/06/25/scott-ritter-the-fantasy-of-fanaticism/
“They tried to pay it, but $oros and his banksters buddies blocked payment.”
Nice try, pal, but the Ruble wouldn’t be CRASHING today if that were the case.
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