Default

I’m hearing that Russia defaulted on its foreign debt. Is it true? Can anybody confirm? Or is the UD Treasury going to give them a helping hand again?

6 thoughts on “Default

  1. AFAICT

    Russian Railways has been ruled in Default

    https://www.bloomberg.com/news/articles/2022-04-11/cds-panel-says-russian-railways-failure-to-pay-event-occurred

    On Friday the S&P downgraded Russian debt

    Now there’s this:

    https://www.businessinsider.com/russia-sovereign-bond-debt-default-sanctions-dollar-rubles-ukraine-war-2022-4?IR=T

    https://edition.cnn.com/2022/04/11/investing/russia-default-sp/index.html

    It’s not clear how they’ll sue since Russia doesn’t recognize any international courts (and using one would open it up to cases in Ukraine)

    tbh I’m not sure what it all means though international capital seems to be deserting Russia… which means they’re screwed.

    Germany, I’m sure will stand by Russia to the bitter end damaging its reputation even more.

    Liked by 1 person

    1. Oh, this is great news. Excellent, excellent news.

      In military news, on the 47th day of war, Russians are following the exact same strategy they have since day 1. They brought several fresh batallions and are sending them in one by one, using the same routes as before. Their fate is identical to that experienced by the previous batallions. If people weren’t dying, this would be comical.

      Liked by 1 person

  2. Russians are about to find a new source of money:

    // The State Duma proposed to seize the property of citizens who spread fakes about the Russian Armed Forces. This initiative was made by United Russia deputy Sultan Khamzaev.

    If we remember that the courts stamp cases even for empty blank sheets, and the words “peace”, “war” are now in fact declared criminal, then we can understand how widely and boundlessly the proposed norms will be applied. Moreover, there will always be neighbors or other well-wishers ready to signal to the authorities. Especially if the scammer is promised a share in the property of a state criminal.

    In Russian:

    https://el-murid.livejournal.com/5112739.html

    Like

  3. The Credit Rating firms may declare them to be in technical default but they have directed the banks that hold their frozen/confiscated central bank reserves to make the payments. A good court case it should make.

    From what i have read Russia has some $20+ billion of debt held by foreigners due during the next 12 months. Their current account surplus hit $58.2 billion in the first quarter of this year (2022), the country’s central bank announced on Monday. It seems to me that they can easily pay, and have made the effort to pay, any foreign held debt.

    Russia defaults on their debt does make for a good headline however I’ll give the MainStream Media credit for that.

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    1. It’s an absolute mockery that confiscated funds should be allowed to be used to make the debt payments. I’m disgusted with the Western weasels who keep allowing this.

      Like

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