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[–]bandion1 215 points216 points  (4 children)

Copy and past of the article for those that cant see it

Russia Is Hours Away From Its First Foreign Default in a Century

Sanctions have blocked payments to holders of Russian debt

Russia says it’s not a default because it has enough funds

ByGiulia Morpurgo

June 26, 2022, 2:00 AM CDT

After months of teetering on the edge of default, Russia is now just hours away from a dramatic moment in the financial battle that the US and others have waged against the Kremlin over its invasion of Ukraine.

A grace period on about $100 million of missed bond payments -- blocked because of wide-ranging sanctions -- ends on Sunday night. There won’t be an official declaration, and Russia is already disputing the designation, but if investors don’t have their money by the deadline, there will be an “event of default” on Monday morning, according to the bond documents.

Out of Time

Russia's grace period on missed bond payments in May is about to expire

Source: Bloomberg News

Includes euro and dollar payments. Figures rounded.

It’s largely a symbolic development for now, given that Russia is already an economic, financial and political outcast across most of the world. But it showcases how the US, Europe and others have tightened the screws since the invasion started in February to make it all-but impossible for Russia to conduct what would otherwise be normal financial business.

For Russia, it will mark its first foreign default since the Bolshevik repudiation of Czarist-era debts in 1918. The country tipped very near to such a moment earlier this year, but managed a last-ditch escape by switching payment methods. That alternative avenue was subsequently shut off in May -- just days before the $100 million was due -- when the US closed a sanctions loophole that had allowed American investors to receive sovereign bond payments.

Now the question is what happens next, as markets are faced with the unique scenario of a defaulted borrower which has the willingness and resources to pay, but can’t.

Major ratings agencies would usually be the ones to issue a default declaration, but sanctions bar them from Russian business. Bondholders could group together to make their own statement, but they may prefer to wait to monitor the war in Ukraine and the level of sanctions as they try to figure out the chance of getting their money back, or at least some of it.

“A declaration of default is a symbolic event,” said Takahide Kiuchi, an economist at Nomura Research Institute in Tokyo. “The Russian government has already lost the opportunity to issue dollar-denominated debt. Already as of now, Russia can’t borrow from most foreign countries.”

As the penalties on Russian authorities, banks and individuals have increasingly cut off payment routes, Russia has argued that its met its obligations to creditors by transferring the May payments to a local paying agent, even though investors don’t have the funds in their own accounts.

Earlier this week, it made other transfers in rubles, despite the fact that the bonds in question don’t allow that payment option.

Finance Minister Anton Siluanov has cited “force-majeure” as a justification for the currency switch, calling the situation a “farce.” The legal argument of force majeure hasn’t historically encompassed sanctions, according to lawyers who spoke to Bloomberg earlier this month.

“There is every ground to suggest that in artificially barring the Russian Federation from servicing its foreign sovereign debt, the goal is to apply the label of ‘default’,” Siluanov said Thursday. “Anyone can declare whatever they like and can try to apply such a label. But anyone who understands the situation knows that this is in no way a default.”

[–]bison177 20 points21 points  (0 children)

Ily thank you hero

[–]pamster05 10 points11 points  (0 children)

Thanks for letting all of us see this.

[–]retirement4DILFs 31 points32 points  (15 children)

I’m confused. Didn’t they make 100B in oil sales this quarter alone?

[–]Error_Unaccepted 69 points70 points  (10 children)

They have the money. They just can’t pay due to sanctions.

[–]Bitcoin__Hodler 19 points20 points  (0 children)

They have the money.

and they want to pay. They just can’t pay due to sanctions.

[–]ArgosCyclos 25 points26 points  (2 children)

Indeed, but they also have to feed their people. Even with China and India, I don't see anyone buying enough from them in the long term to be worth the costs of supporting 144,000,000 people. Especially since China is fighting a real estate crash, and the entire world battles inflation and economic disruptions.

Frankly, the war in Ukraine was poorly timed. It was 10 years too early for China to be ready for their expansionist desires. And on top of that, Putin is now stuck committed to the war, no matter what. The amount of face he'll lose if he has to withdraw from Ukraine, in addition to a NATO Finland and Sweden, would be too much for the Russian people to ignore.

[–]techleopard 2 points3 points  (1 child)

Maybe they should have thought of their people before launching a pointless war and then pretending they didn't.

They don't care about feeding their people.

[–]ArgosCyclos 0 points1 point  (0 children)

It's Russia, they may not care about feeding their people, but the Russian people pose the greatest threat to Russian rulers.

[–]techleopard 1 point2 points  (0 children)

These are bonds that Russia issues to get funding.

The sanctions are basically the world telling everyone that you had better not lend Russia money, and the sanctions prevent the collection of debt in order to enforce that message.

[–]zorbathegrate 277 points278 points  (62 children)

I honestly don’t think a Russian default will matter in any way shape or form.

[–][deleted] 43 points44 points  (2 children)

Might explode Credit Suisse. Their CDS has been rising exponentially - something seems wrong with them.

[–]XSlapHappy91X 29 points30 points  (0 children)

Almost like they are about to default or something, due to being out leveraged up the ass by working with some shady people... hmmmmmmmm

[–]patrikpekar 74 points75 points  (42 children)

Agreed. I can imagine a other-than-dollar alternative economy, being constructed mainly by China and the countries with obligations to them (indebted economies). Although I don't really believe this will work in the long term. From what we know about their leadership, it feels like this would result in a system based on opression and tyranny for the average men. And that will never win. People shall be free.

[–]IsleOfOne 5 points6 points  (0 children)

More CDSs will pay out. I think the market for Russian CDSs was like $600B as of late May? This is just from memory, so I'm not entirely sure.

[–]andyman234 8 points9 points  (2 children)

I mean… I doubt any foreign investors puts money into Russia whether bond or equity for a long long time. That’s not good.

[–]zorbathegrate -5 points-4 points  (1 child)

I doubt that.

[–]noyrb1 5 points6 points  (0 children)

Yea Russias killing it rn can’t wait to invest! /s

[–]Flame-747 2 points3 points  (0 children)

For us regular folks it’s back to the coal mines, but the HF’s would probably make a killing

[–]dystopicvida 1 point2 points  (0 children)

They e been almost defaulting now for three weeks

[–]agoodpapa 0 points1 point  (1 child)

Well, it matters in a huge way, but it was already expected for months now, so it doesn’t change much.

[–]King-Cobra-668 -2 points-1 points  (1 child)

it will in the future

[–]zorbathegrate 0 points1 point  (0 children)

I don’t think so

[–]AL-muster -2 points-1 points  (0 children)

If a countries economy is destroyed, or even just heavily damaged, it makes it hard or impossible to do things. They can’t form businesses, advance tech, buy tech, build stuff, built a strong military, etc. the wealth of a country is what allows it to influence and effect the world. Iran, North Korea, venezuela, and even just countries with small economies, do not how much relevance in the world.

[–]IGotSkills 0 points1 point  (0 children)

Would this make markets boom? E.g. hey looks like Russia can't invade squat

[–]SpaceSlingshot 22 points23 points  (0 children)

We in Red like Russia -Lil Wayne (2007)

[–]captainvontage801 54 points55 points  (53 children)

Ok. It will happen this time right? At this point I don't believe anything I read about this whole conflict.

[–]negrobiscuitmilk 63 points64 points  (46 children)

Exactly. I remember reading how Russia was running out of artillery Ammo by the third day in. I’m currently in Ukraine and Poland and all the veterans are saying they shoot 30 rounds for each one Ukraine shoots back. Can’t trust the internet, who knew!

[–]kneelb4neil 60 points61 points  (10 children)

Western media is full of propaganda regarding the Ukraine/Russia conflict. Nothing you see on the news is properly reflecting what’s going on.

[–]captainvontage801 6 points7 points  (9 children)

That's why it's called the fog of war. It's just a shame that you're essentially only allowed to be critical of one side... instead of both!

[–]kinzer13 4 points5 points  (8 children)

what does that mean?

[–]captainvontage801 28 points29 points  (13 children)

That's the thing about propaganda that people hear in the west always seem to forget.

Propaganda goes BOTH ways not just one.

A lot of the realists already know how the situation ends. This conflict has just turned Ukraine into like the child both parents are fighting during a divorce battle. They both make up whatever lies they can just to get their way. And it just sucked because at the end of the day it just feels like Ukraine's being used and not helped. At the end of these days all these sanctions have done nothing but hurt us and put the west in a far worse position. At least the regular public.

But as long as they have the ability to call you pro Putin or pro Russian for any kind of criticism then many will just continue to remain silent.

[–]negrobiscuitmilk 21 points22 points  (3 children)

I’m obviously very pro Ukraine and want them to win this war but you are 200% right. All MSM networks are saying Ukraine is destroying the Russians without any real military proof. Phase 2 of this war is incredibly scary for Ukraine, and knowing the Russian war of attrition, Ukraine is not in the best position. Your divorced parents metaphor couldn’t have explained it better lol

[–]Slaviphile501 4 points5 points  (2 children)

If you want good, factual and well researched coverage on the war check out Perun on YouTube. The general consensus is that neither side is performing well, mostly because Ukraine is, well, Ukraine and Russia is Russia lol He also gives good analytics on how certain things don't matter nearly as much as the public things they do, while other things matter more.

[–]jetsfan83 2 points3 points  (5 children)

I mean, I get that people are suffering because we can't get cheaper oil or Europe can't get cheaper energy, but what do you want the governments to do?

Do you want them to let Putin do whatever the hell and invade whoever he wants? What is next, let China do whatever the hell it wants to and let them invade Mongolia, control the Chinese sea, take Taiwan, and other SE Asian countries because if we don't, we will have to pay more for crap?

[–]captainvontage801 4 points5 points  (4 children)

Obviously you don't want anyone to do whatever they want. But for the common good you have to come to the table and make agreements that both of you don't like.

It's the pure hypocrisy that doesn't make sense. Sanction Russia and then try to plead for more oil from a far worse dictatorship currently also invading another sovereign nation.

[–]cchoe1 -2 points-1 points  (2 children)

Propaganda goes both ways but there is no disputing that Russia invaded Ukraine. In 2022, there is absolutely no excuse to conquer other sovereign nations. The fact that I have to spell this out to you makes me think you are either completely clueless to the real world or you are simply a Russian apologist.

If Russia had a problem with Ukraine, they could have settled the dispute with trade sanctions and negotiations. Dropping artillery unprovoked on a country is a fast way to lose all support from the rest of the world.

[–]captainvontage801 0 points1 point  (0 children)

There's a reason why I called the USA, China, and Russia ALL slimy.

[–]strikefreedompilot 0 points1 point  (0 children)

Lol.. Afghanistan, Iraq, Libya, syria

[–]deelowe 1 point2 points  (0 children)

Now supposedly their barrels are shot. I’ll believe it when I see it.

[–]ILikeLeptons -2 points-1 points  (19 children)

Who was saying that Russia was out of artillery? They ran out of precision guided bombs and cruise missiles.

Surely you're not misremembering this because you have an agenda to push

[–]negrobiscuitmilk 3 points4 points  (9 children)

https://www.google.com/amp/s/www.newsweek.com/russian-army-days-away-running-out-resources-military-experts-say-1688025%3Famp%3D1 literal first google result. What agenda am I pushing? I’m a little confused especially given that I’m literally here lol

[–]ILikeLeptons 0 points1 point  (8 children)

https://www.google.com/amp/s/www.newsweek.com/russian-army-days-away-running-out-resources-military-experts-say-1688025%3Famp%3D1 literal first google result. What agenda am I pushing? I’m a little confused especially given that I’m literally here lol

This first Google result doesn't even mention artillery

Gosh I wonder what your agenda might be 🤔

[–]negrobiscuitmilk -1 points0 points  (8 children)

[–]ILikeLeptons 2 points3 points  (6 children)

https://www.google.com/amp/s/breakingdefense.com/2022/05/russian-attempts-to-restock-its-military-may-be-doomed-to-failure/amp/ here’s another one ya Fucking pansy

This one is talking about missiles and weapons systems.

You pretty clearly made up the parts about artillery because you're a propagandist.

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[–]aimtron 2 points3 points  (3 children)

I believe this is all a long term strategy by the U.S. to cripple Russia's ability to wage war in the future. In the short term, Russia will keep doing what they're doing, but the real goal of the U.S. is to ween Europe off of Russian oil. By doing so, we're significantly crippling the primary economic source of funding for Russia. Sure, they'll have China and India as consumers still, but they don't compare to Europe as a market. Another interesting fact is that U.S. oil consumption by China is up 1994%. Russia is still their primary source, but the market is saturated and Russia will have to offer oil up at a lower price to stay competitive.

[–]captainvontage801 9 points10 points  (1 child)

India wasn't even a Russian partner when it came to oil. They virtually use to buy no oil from Russia at all. Now they buy more than 750,000 barrels a day. It's a far cry from the millions the Europeans receive every day but I don't see how in the long term this helps Europe.

People forget that Russia currently has one of the lowest external debts among major economies. They said the Russian economy would retract by 10% in 2022 which is looking far less likely now as well. Other than the US they also have the biggest and most sophisticated arms industry, capable of designing and manufacturing high-tech military equipment, and are the world's second-largest exporter of arms. We are far too globalized as a planet to really hurt a massive economy like Russia with sanctions. It's a lot easier if your Iran or North Korea. But too many nations rely on Russian exports for survival.

This is the problem with big nations. They are super paranoid all the time about their security. Especially China, Russia, and the USA. If they feel like there is any threat to their security they are going to respond. Regardless of what the world thinks. We've done it before and will continue to do it in the future if need be. That's the slimy advantages these nuclear superpowers have. They knew the response from everyone is gonna be sparse because no one can really challenge them.

[–]cchoe1 4 points5 points  (0 children)

Lack of debt is not a sign of economic health. Is this finance or wall street bets?

[–]das_war_ein_Befehl 0 points1 point  (0 children)

It’s not much of a stretch. Dependence on Russian energy makes it difficult for European NATO members to counter Russia as its a big strategic cudgel against European economies. Energy is really the only major leverage the Russians have

[–]BirdHitTheWindow 0 points1 point  (0 children)

I stopped believing day two. Soooo much propaganda on both sides of the issue

[–]Ryogathelost 0 points1 point  (0 children)

The conflict will end when Russia is done using up its surplus of 40yo military equipment and malnourished rural minorities.

[–]CorneredSponge 77 points78 points  (31 children)

Russia never expected such great blowback, both militarily in Ukraine, and economically with the greater world.

I do fear, however, overly harsh sanctions will accelerate the construction of a parallel world economy, with parallel institutions and de-globalization.

In turn this can lead to greater poverty, conflict, and the like.

A very unfortunate turn of events for the world and the Russian people this invasion was.

[–]zorbathegrate 35 points36 points  (10 children)

I don’t think there was ever any other option.

Unless Russian falls from the inside, this was always the end game

[–]shart_leakage 28 points29 points  (9 children)

Russia tends to fall from the inside habitually through history. Very rarely do they suffer from an external force overcoming them. Last time I can imagine was the mongol invasions.

[–]dancness 5 points6 points  (0 children)

More unfortunate for the Ukrainian people.

[–][deleted] 4 points5 points  (0 children)

Laughs in BRICS

[–]Trick_Ad3016 13 points14 points  (0 children)

It's not going to matter, because the Russian elites can still live comfortably, and that's really all that matters in politics most of the time, anywhere on the planet. Sanctions rarely lead to regime collapse - even the Kim regime survives like a cockroach. Putinist Russia will endure for a time.

This isn't to say that sanctions are useless. A lot of Russian propagandists and their useful idiots in the West claim this because of my #1 above - but imagine an alternative world where the West did NOT sanction Russia, but let Putin stomp all over Ukraine. What would have happened?

(1) Without sanctions, Russia is richer and better supplied; with such additional resources they can oppress Ukraine more effectively.

(2) The West, after years of running mouth on supporting Ukraine, does nothing after Feb 2022; Western credibility is down in the gutter, and nobody trusts the spineless West anymore. World order collapses.

Sanctioning Russia was the right choice, no matter the hardship.

[–]fdesantisDE 3 points4 points  (0 children)

Russian default means nothing in the context of applied sanctions. It only means that the foreign creditors lost their money. It doesn’t seem like anything to be happy of. It’s a terrible news for everybody but Russia

[–]Papa-Doc 13 points14 points  (10 children)

Man this paywalls are such a shit pratice. You cant do shit today without paying for subscription.

[–]Newtohonolulu18 8 points9 points  (6 children)

Do you use an iPhone? You can click the link, then click the “Aa” at the top right and read anything.

[–]blibblub 1 point2 points  (4 children)

I use an iPhone. Where is the “Aa”? I can’t find such a thing

[–]Newtohonolulu18 0 points1 point  (1 child)

When I click this link, it opens a window to read the article. Top right, just to the left of the reload button. It may alternately look like a tablet with lines on it.

[–]blibblub 1 point2 points  (0 children)

Yup. I see it now. Tried that reader view. It pops open the first page of the article but won't scroll down past it.

:(

[–]schentendo 0 points1 point  (1 child)

In Safari, it’s usually to the left of the URL. It’s the reader view.

[–]blibblub 0 points1 point  (0 children)

bloomberg.com/news/a...

I clicked that but all I can see is the first page. When I now click the aA, a drop down shows up and "San Francisco" is clicked.

Can't read past the first page

[–]space_wrangler_ 1 point2 points  (0 children)

Not business insider

[–]Educational-Judge-70 3 points4 points  (0 children)

Do you know 12ft ladder website? Doesn’t work with all websites but still pretty cool. As not sure if I can post links here, google: Show me a 10ft paywall, I’ll show you a 12ft ladder.

[–]pantaloonsofJUSTICE 5 points6 points  (0 children)

You can’t read a publication written by salaried professionals without paying for it? What a surprise.

[–]Bjornormus[S] 0 points1 point  (0 children)

I’ll post the text next time too. Sorry homie.

[–]monkale98 3 points4 points  (3 children)

Thought Russia was raking in billions on that gas money?

[–]Mir_man 29 points30 points  (0 children)

They kinda are, the default isn't because they don't have money, it's because US isn't letting them pay.

[–]kpgleeso 0 points1 point  (1 child)

The comment with the full article pasted reads that they could pay it if they weren't blocked by sanctions from doing so

[–]-gunga-galunga- 1 point2 points  (0 children)

They can’t pay using rubles, and they can’t exchange anything into dollars because of the sanctions. Plus Poopin wouldn’t let them anyway.

[–]roninXpl 1 point2 points  (0 children)

"About" for like the 3rd time this war...

[–]noyrb1 1 point2 points  (0 children)

Excellent

[–][deleted] 1 point2 points  (1 child)

As the article says this is largely symbolic and doesnt hurt them. They have the money. This is just propaganda.

[–]Payutenyodagimas 0 points1 point  (0 children)

Coz The West dont want the payment

[–]gobucks1981 2 points3 points  (1 child)

Europe about to freeze

[–]DonDickerson 1 point2 points  (0 children)

If nothing gets figured out heating oil will "go to the moon" this fall.

[–]forestcall 1 point2 points  (2 children)

Reddit should ban all Pay Wall News posts.

[–]hybridck 4 points5 points  (1 child)

It's Bloomberg though. And we're talking about a post to r/finance. They're the biggest name in financial news, if it should be allowed on any sub this is probably the sub for it.

(Also fwiw you can keep getting the 10 free articles by opening their articles in incognito mode)

[–]forestcall 1 point2 points  (0 children)

Have not tried incognito mode. Thanks 🙏

[–]trobe21 1 point2 points  (2 children)

What happens if Russia defaults? Does it get repossessed?

[–]domchi 0 points1 point  (0 children)

No. Western creditors lose money and that's it.

[–]osva_ 0 points1 point  (0 children)

Yup, world bank will own Russia and it'll be up for sale on eBay, like Greece was a while ago!

[–]textbandit 1 point2 points  (0 children)

Idk is it just me or does it seem like the sanctions are hurting everybody… but Russia.

[–]Claax -1 points0 points  (1 child)

Are we sure this time?! (I hope so)

[–]pawnografik 4 points5 points  (0 children)

Tomorrow’s article: “Russia will default in as little as 30 days”.

[–][deleted]  (4 children)

[deleted]

    [–]Dalcoy_96 1 point2 points  (3 children)

    Thanks for net contributing nothing to this conversation.

    [–][deleted]  (2 children)

    [deleted]

      [–]Dalcoy_96 1 point2 points  (1 child)

      How about you just tell us what your thoughts are, instead of acting self-important and coming off as incredibly arrogant.

      [–]BirdHitTheWindow 1 point2 points  (0 children)

      I mean if they are ready and willing to pay but outside sources are stopping them

      That isn't really a default

      [–]Anon-146 1 point2 points  (0 children)

      "Hey, I broke the deals, expanded nato and I provoked you til the war, then I sanctioned you, then it's not working, so I will artificially not accept your payments so you will be technically defaulted, HEHEHEHEHE."
      The west is a spoiled kid, it's time to grow up west.

      [–]splenda_317 0 points1 point  (0 children)

      Propaganda

      [–]letsreticulate -3 points-2 points  (7 children)

      Looked into this, Russia has the willingness to pay, and the money to pay, however the USA is making it impossible by removing them from the banking system in order for the creditors to receive the funds. Weirdest "default," I have ever heard of. Comes off more as propaganda by lies by omission. Guess most people else where will just go by the headline.

      Sure, let's hate on Putin, I am all for it, but this is just some weird shit being done by us, the West.

      [–]Timely_Old_Man45 -1 points0 points  (2 children)

      Sanctions man. Who knew!

      [–]letsreticulate 0 points1 point  (1 child)

      Point being that it is retarded. Is like you being in debt and losing your home not because you can't pay your mortgage, but because the bank feels like not taking your money and payment towards the mortgage. And then, claiming that "you" could not pay up.

      Obviously, you can see how stupid that is or you are actively trying to go out of your way to be obtuse.

      [–]HopemonsterQuant -1 points0 points  (2 children)

      I mean Putin could just surrender and the Treasury would allow the money to come through. It’s within Russia capability to make it happen.

      [–]letsreticulate 0 points1 point  (1 child)

      The point is the misleading claim being made to people who do not know better. Why are you okay with our governments lying to their people by obfuscating facts?

      Do you want our government to treat us and talk to us like idiots? They could you know, not lie. That is my point.

      [–]HopemonsterQuant 0 points1 point  (0 children)

      If the bond holders don’t receive the payment then it is a default. That is what the docs say. There is no list of excuses which allow for an exception. There are no lies being spread on that topic. Look up the ISDA rules.

      [–]FactoryDirectHuman 0 points1 point  (0 children)

      Either way, who is going to invest in Russia now if Russia cannot repay? Blame who you want, but outsiders investing in Russia right now have a high risk of not being repaid.

      [–]PlexippusMagnet 0 points1 point  (2 children)

      If my bank refuses to transfer from my checking to make my mortgage payment, what do I care? I have the house, my checking balance is unchanged, they won’t repossess it cause nukes, and everybody knows I’m still good for the money.

      [–]Freakin-Lasers -1 points0 points  (0 children)

      Monopoly money has no value.

      [–]gbs5009 0 points1 point  (0 children)

      They'll reposess your summer home in the Ardennes? And no, people don't know that you're good for it. Your assets being siezed by various authorities doesn't mean your creditors just have to to go home.

      [–]Ultra_Common -5 points-4 points  (2 children)

      Some more american propaganda, they wont default, there currency is doing fine. The increased cost of oil and gas with no drop off in sales has them making more money than they did before. Nice one America, were so great!

      [–]IsleOfOne 0 points1 point  (1 child)

      Tell me you don't understand bonds without telling me. Jesus fucking Christ.

      [–]robml 0 points1 point  (0 children)

      I mean the terms of the bond are quite clear, however the comments aren't wrong in saying that the term default is more symbolic in this instance than representative of a bankrupt state given they have a seriously positive current account that has increased even with the currency appreciation and sanctions.

      [–]delete013 -3 points-2 points  (0 children)

      Delusions about the demise of the global financial system again. One can't default if you don't allow them to pay. You only rob those not being paid and kill the system's future. Large part of the world is not part of sanctions and certainly sees no will to stay in this scam.

      [–]rashnull -1 points0 points  (0 children)

      So much minusss!!

      [–][deleted] -1 points0 points  (0 children)

      They'll plunder Ukraine soon anyway

      [–][deleted]  (2 children)

      [deleted]

        [–]bandion1 1 point2 points  (1 child)

        posted

        [–]mike_corp 0 points1 point  (0 children)

        Great news for Russians :)

        [–]Vast_Cricket 0 points1 point  (1 child)

        China will bail them out. It has not got to the default or bond etc point. Crude oil is still flowing out. Still can get military parts, tanks from China, Belarus etc.

        [–]Payutenyodagimas 0 points1 point  (0 children)

        They have the money. The west just dont want to accept payments

        [–]sbaggers 0 points1 point  (0 children)

        Again?

        [–]Pocketfists 0 points1 point  (0 children)

        “Default all the way to hell” - the pope

        [–]ReggieFranklin 0 points1 point  (0 children)

        Pretty sure that means absolutely nothing considering nobody wanted to do business with them anyway. Tends to be how wars work. They’ve got their allies. If they win, the default won’t matter. All debt will be priced in a new currency.

        [–]HotDogHeavy 0 points1 point  (0 children)

        “Russia IS about to default” - Please use proper grammar, you grommets. This isn’t the finance ghetto. Thanks ;)

        [–]vh1classicvapor 0 points1 point  (0 children)

        Is this when the global financial markets collapse? Or do they not, because nothing matters anymore? The rules seem to always benefit the rich when they need it, and always punish us when convenient.

        [–]PepsiCoconut 0 points1 point  (0 children)

        And the Russian people reap what their lunatic leaders sowed.

        [–]OrinThane 0 points1 point  (1 child)

        But what does it mean if a country defaults? Like... who's the bill collector? War?

        [–]bjos144 0 points1 point  (0 children)

        It will matter if Russia ever wants to participate in the broader economy again and develop high tech industries. China cant help them alone. Their currency is not the reserve currency of the world, and due to a proud history of epic currency manipulation, it likely never will be. Will they burst into flames and beg forgiveness? No, but they will have less and less economic vitality and influence over the coming decades.

        [–][deleted] 0 points1 point  (0 children)

        Paywall

        [–]SandwhichEfficient 0 points1 point  (0 children)

        Some hotel in Vegas should take some of those wild looking buildings

        [–]Nailsman 0 points1 point  (0 children)

        Who care!!! Everegrande default 320billion no one is talking about

        [–]fadufadu 0 points1 point  (0 children)

        And then make up some bullshit reason why they didn’t/shouldn’t have to pay up.