2min chapter

Forward Guidance cover image

Can Europe's Economy Handle Russian Sanctions? | Frances Coppola

Forward Guidance

CHAPTER

The Russian Debt Crisis

The US forbade the secondary trading of Russian debt. Russia paid in rubles, some thought that was a default because it was supposed to be paid in dollars. But Standard and Paul's decided that Russia wasn't going to pay within the grace period. So they have downgraded Russian debt to selective default.

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