Russia has defaulted! 😍😍😍

[Rube Reaper]

“S&P Global Ratings issued the downgrade to “selective default” late Friday after Russia arranged to make foreign bond payments in rubles on Monday when they were due in dollars. It said it didn’t expect Russia to be able to convert the rubles into dollars within the 30-day grace period allowed.”

S&P Downgrade Indicates Russia Headed For Historic Default

Russia has not defaulted on foreign debt since the Bolshevik Revolution in 1917, when the Soviet Union emerged.

www.huffpost.com

S&P said in a statement that its decision was based partly on its opinion that sanctions on Russia over its invasion of Ukraine “are likely to be further increased in the coming weeks, hampering Russia’s willingness and technical abilities to honor the terms and conditions of its obligations to foreign debtholders.”

 

[TTUcamper]

Russia has been steadily hording physical gold while growing it's paper debt on purpose.

They want this outcome.

 

[dirtytoeddawg]

Russia has been steadily hording physical gold while growing it's paper debt on purpose.

They want this outcome.

I find it extremely interesting this article states that recent debt payments have been allowed in rubles rather than dollars.

It’s also interesting that the ruble has more or less recovered to pre invasion levels vs the dollar

It’s almost as if our sanctions are far more bark than bite and that a large portion of the world are either ignoring them, circumventing them, or in the EUs case still leveraged so badly with energy not imposing them.

 

[Pineapple]

Liberal tears because Russia is destroying Nazis and the Democrat money laundering.

 

[TTUcamper]

I find it extremely interesting this article states that recent debt payments have been allowed in rubles rather than dollars.

It’s also interesting that the ruble has more or less recovered to pre invasion levels vs the dollar

It’s almost as if our sanctions are far more bark than bite and that a large portion of the world are either ignoring them, circumventing them, or in the EUs case still leveraged so badly with energy not imposing them.

They basically used fiat debt to buy commodities and switched their currency and economy to a commodity based system.

Now they are just walking away from all the paper they know is Worthless.

Our corporations and billionaires do the same thing.

 

[Rube Reaper]

President Biden’s sanctions have been so effective!

Russia has defaulted on its foreign debt, says S&P

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

www.cnn.com