The clock is ticking down to what's expected to be a default by the Russian government after sweeping sanctions impaired its ability last week to make...
The clock is ticking down to what’s expected to be a default by the Russian government after sweeping sanctions impaired its ability last week to make payments in dollars on foreign debt.
If so, it would mark the country’s first default since a 1998 crisis that resulted in the collapse of hedge fund Long Term Capital Management and necessitated a bailout by Wall Street banks — and it would be Russia’s first default on foreign debt since the Bolshevik revolution in 1917, economists said.
S&P Global Ratings late Friday downgraded Russia to “selective default” after Russia arranged to make the foreign bond payments in rubles on April 4. The ratings firm said it didn’t expect Russia to be able to convert the rubles into dollars within the 30-day grace period allowed. Investor reaction The prospect of a Russian default after waves of sanctions by the U.S. and its allies against Moscow following the Feb. 24 invasion of Ukraine is hardly a surprise.
Global and U.S. investors have appeared to take the prospect of default largely in stride. U.S. Treasurys, which typically serve as havens during periods of geopolitical uncertainty or financial turmoil have sold off sharply after a brief flight to safety after the invasion.
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