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Started By
Message
Russia slides into historic debt default as payment period expires
Posted on 6/27/22 at 9:49 am
Posted on 6/27/22 at 9:49 am
Only because their payments in rubles aren’t allowed to clear:
Things could get more interesting.
CNBC
quote:
Russia has entered its first major foreign debt default for over a century, after a grace period on two international bond payments lapsed on Sunday night.
Interest payments totaling $100 million were due on May 27 and subject to a grace period which expired on Sunday night. Several media outlets have reported that bondholders have not received the payments, after Russia’s attempts to pay in its ruble currency were blocked by international sanctions.
The Kremlin has rejected the claim that Russia is in default, with spokesperson Dmitry Peskov reportedly telling a press call this morning that Russia made the bond payments due in May but they have been blocked by Euroclear due to Western sanctions, rendering the non-delivery of payments “not [Russia’s] problem.”
Things could get more interesting.
CNBC
14
Posted on 6/27/22 at 9:50 am to TerryDawg03
And...what? Does this really hurt Russia, or does it just hurt the countries that hold the debt and aren't accepting the payments?
Posted on 6/27/22 at 9:51 am to TerryDawg03
quote:
after Russia’s attempts to pay in its ruble currency were blocked by international sanctions.
seems to me like third parties are interfering with Russia's efforts to meet its obligations.
I'd be damned careful about taking adverse actions in response to this "default"
Posted on 6/27/22 at 9:52 am to TerryDawg03
Seems Russia is in the right, if the debt holder doesn’t accept payment, then case closed.
Posted on 6/27/22 at 9:54 am to TerryDawg03
I’d just pull the whole “pay your traffic ticket in quarters” move on them 
Posted on 6/27/22 at 9:56 am to TerryDawg03
This is like me trying to pay my Amex for goods already purchased and Amex won't take my payment. And that hurts me?
This post was edited on 6/27/22 at 9:57 am
Posted on 6/27/22 at 9:57 am to TerryDawg03
Biden will call it student loan debt and forgive it. Problem solved.
Posted on 6/27/22 at 10:00 am to TerryDawg03
Russia was 100% in the know the contracts of the bonds specify payment in dollars, so they could not legally accept any other currency.
Reading is fundamental. Don't like the terms, don't sign.
Reading is fundamental. Don't like the terms, don't sign.
Posted on 6/27/22 at 10:11 am to TerryDawg03
Just some perspective here. From a western perspective this would seem to hurt Russia. It doesn't. Russia does not have to sell bonds to the west. 80% of the rest of world is allowed to buy Russian debt
Posted on 6/27/22 at 10:15 am to TerryDawg03
It is important to note that the only organizations labeling this development as a default are media outlets. The bond holders have not declared the debts in default. Obviously, the bond holders want to get paid. Russia paid the amounts in full in rubles due to artificial means of refusal of payment acceptance.
I expect some solution to be reached or international legal proceedings to commence. It’s a fascinating legal issue. In such proceedings I would expect critical factors such as intent to pay and possession of adequate amounts of payment to be factors.
For now, the notion of default is symbolic rather than legal.
I expect some solution to be reached or international legal proceedings to commence. It’s a fascinating legal issue. In such proceedings I would expect critical factors such as intent to pay and possession of adequate amounts of payment to be factors.
For now, the notion of default is symbolic rather than legal.
Posted on 6/27/22 at 10:36 am to TerryDawg03
The globalists continue to try and attack Russia. It isn’t working.
Posted on 6/27/22 at 1:48 pm to TerryDawg03
US blocked Russian using USD to pay debts. US is intentionally creating Russian debt fault.
Initially, Russian was exempted from the Dollar ban to pay its its debt. But recently US Dept. of Treasure changed its mind.
My guess is US think American banks will not lose by doing this. The European banks may lose big so they will hate Russian more.
Russian is saying it is not Russian fault if the bonds holder not receiving the money. Hope this in turn, the bonds holders will pressure US Dept. of Treasure to back off.
That is why Russia need to pay the debts in Rubble.
Initially, Russian was exempted from the Dollar ban to pay its its debt. But recently US Dept. of Treasure changed its mind.
My guess is US think American banks will not lose by doing this. The European banks may lose big so they will hate Russian more.
Russian is saying it is not Russian fault if the bonds holder not receiving the money. Hope this in turn, the bonds holders will pressure US Dept. of Treasure to back off.
That is why Russia need to pay the debts in Rubble.
This post was edited on 6/27/22 at 1:53 pm
Posted on 6/27/22 at 2:10 pm to TerryDawg03
It's like we're trying to start a fricking nuclear war with these people
Posted on 6/27/22 at 2:14 pm to TerryDawg03
Lol. Russia should just send the payment holder a thermonuclear weapon for payment
Posted on 6/28/22 at 8:02 pm to TerryDawg03
It is funny that Euroclear, who refused the payment of rubles, is owned by J.P. Morgan, a leading global financial firm, that also just happens to be purchasing much of Russia’s debt.
Seems like a cycle, involving different currency & the ability to exchange them. SEC put the FED up, front-center, and Russia blew his brains out, then threw his money bag on the table and said “Here’s your due.”
Seems like a cycle, involving different currency & the ability to exchange them. SEC put the FED up, front-center, and Russia blew his brains out, then threw his money bag on the table and said “Here’s your due.”
This post was edited on 6/28/22 at 8:30 pm
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