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 ...
However, for someone who's first language is primitive you have learned to use definite articles to some extent.
BTW, no need to funnel propaganda when inherent Russian incompetence puts the truth on display.
LOL. Linguistics is another thing you know little about, next to the economy and military affairs. You are also early to resort to personal attacks. Kind of showing the true value of your arguments.
Given who I perceive to really be in charge in Washington, that’s a feature for them, not a bug.
As for the economics and military topics, Russians have been displaying their ignorance on the world stage for over four months now.
This post reads like a satire:)
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