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re: Update pg 23: Russia,IMO, will default on its sovereign debt within six months
Posted on 11/10/14 at 12:45 pm to LSURussian
Posted on 11/10/14 at 12:45 pm to LSURussian
It's happened! The Central Bank of Russia announced today it will stop supporting the ruble and let it freely float.
As the link below says, the ruble has lost half of its value in 2014 in spite of the Central Bank of Russia spending $110 BILLION of its reserves to prop up the Russian currency this year, $30 billion last month alone.
It appears the CBR made its announcement after the currency exchange markets closed on Monday in Moscow meaning the full effect on the ruble won't be known until the markets open on Tuesday in Russia.
The following quote supports my prediction that Russia will default on its debt soon:
There won't be enough rubles owned by borrowers to buy the euros and dollars needed to pay off debts.
As the link below says, the ruble has lost half of its value in 2014 in spite of the Central Bank of Russia spending $110 BILLION of its reserves to prop up the Russian currency this year, $30 billion last month alone.
It appears the CBR made its announcement after the currency exchange markets closed on Monday in Moscow meaning the full effect on the ruble won't be known until the markets open on Tuesday in Russia.
The following quote supports my prediction that Russia will default on its debt soon:
quote:LINK
The ruble is expected to come under more pressure next year, when Russian companies and banks will have to pay back about $100 billon in hard currency debts, he added.
There won't be enough rubles owned by borrowers to buy the euros and dollars needed to pay off debts.
3
Posted on 11/10/14 at 12:53 pm to LSURussian
quote:I'll bet that some sort of deal to pay off in commodities will be brokered. I can just imagine the fees that the middlemen will command.
There won't be enough rubles owned by borrowers to buy the euros and dollars needed to pay off debts.
Posted on 11/10/14 at 1:15 pm to LSURussian
The shitty part is that a collapsing ruble will disproportionately hurt the working class in Russia. Oligarchs (especially those that own extraction businesses) will be just peachy with this because they do most of their sales in foreign currency and probably have their assets sheltered abroad too. All this means is their costs just got a whole lot lower.
This post was edited on 11/10/14 at 1:16 pm
Posted on 11/10/14 at 11:58 pm to LSURussian
Soooooo.... I should expect there to be a flux of foreclosed condos in Miami Beach coming from the Russian expats?
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