It’s a technical and selective default, but a direct result of sanctions, and a default nonetheless:
Russia has defaulted on its foreign debt because it offered bondholders payments in rubles, not dollars, credit ratings agency S&P has said.
Russia attempted to pay in rubles for two dollar-denominated bonds that matured on April 4, S&P said in a note on Friday. The agency said this amounted to a “selective default” because investors are unlikely to be able to convert the rubles into “dollars equivalent to the originally due amounts.”
According to S&P, a selective default is declared when an entity has defaulted on a specific obligation but not its entire debt.
Meanwhile, people are screaming from their windows in Shanghai due to economic deprivation after a severe COVID lockdown.
What the?? This video taken yesterday in Shanghai, China, by the father of a close friend of mine. She verified its authenticity: People screaming out of their windows after a week of total lockdown, no leaving your apartment for any reason. pic.twitter.com/iHGOO8D8Cz
— Patrick Madrid ✌🏼 (@patrickmadrid) April 9, 2022
These totalitarian countries are not doing well.
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