Patterico's Pontifications


Russia Defaults on Debt

Filed under: General — Patterico @ 8:29 am

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.

These totalitarian countries are not doing well.

P.S. Recent comments not yet fixed. Sorry about that.

21 Responses to “Russia Defaults on Debt”

  1. My schadenfreude is outweighed by my fear that the investors will prevail on Western governments to carve out another exception to the already less than two cents’ worth of sanctions on Russia. (I hate it when I agree with Trump.)

    As for Shanghai, they should be happy that they’re not living under the totalitarian tyrannies of Justin Trudeau, Phil Murphy, Andy Beshear or (gasp!) Gretchen Whitmer. (That’s sarcasm.)

    nk (1d9030)

  2. Heard from many Shanghai windows: “I’m mad as Hell, and I’m not going to take it any more!”

    Kevin M (38e250)

  3. Fixing “recent comments” would be nice, but I think that the comment login thing is more important. It is for me anyway.

    Kevin M (38e250)

  4. 2. Kevin M (38e250) — 4/11/2022 @ 10:10 am

    Heard from many Shanghai windows: “I’m mad as Hell, and I’m not going to take it any more!”

    I don’t think it would be prudent for anyone in Shanghai to say “I’m not going to take it any more!” unless they are prepared for all eventualities. Usually, though, the government will try to calm them down, although often with lies, if they have a personal motive.

    It’s not so good even to say ““I’m mad as Hell” even though the government is afraid of many people feeling that way at the same time.

    It’s somewahat better for someone in an official position to broach – very carefully – that other people may become mad.

    No government that was in any way responsible to its people would do such a crazy thing, and no government where people were afraid to object to something important to their superiors, would let it go on for so long.

    Maybe some foreigners are caught up in this. That could end it. But Xi wants to be able to say there is no more Covid in China. He can at least lie about the numbers this way.

    Sammy Finkelman (02a146)

  5. With a fresh computer, you only need to click twice to log in completely

    Sammy Finkelman (02a146)

  6. You do need to enter both your email address.

    Here, two clicks are required.

    Sammy Finkelman (02a146)

  7. Republican senate candidate bitcoin millionaire compares zelensky to osama bin ladin.

    asset (e28a96)

  8. I forgot to add this creeps name is bruce fenton.

    asset (e28a96)

  9. Shall we go look for the Democrats who said that the US got what was coming to us on 9/11, or were “Truthers.”

    Kevin M (38e250)

  10. With a fresh computer, you only need to click twice to log in completely

    Thank you Captain Obvious. But after 20 years of clicking zero times, I constantly forget and have to go back to fix it and it is ANNOYING, particularly on long posts or comment sections where the page is rebuilding as I try.

    Kevin M (38e250)

  11. Saved sign-ins. You only need to hit Enter on Firefox. But my parole officer advises against them in the halfway house.

    nk (1d9030)

  12. I don’t think it would be prudent for anyone in Shanghai to say “I’m not going to take it any more!” unless they are prepared for all eventualities.

    Sammy, the great thing about high rise windows is that one can shout out of them without people knowing where or who you are. Before I bought my house in Reno, I lived in an apartment building in a sketchy area of Sparks, an adjacent city. One Sunday morning I heard some idiot blasting music or otherwise making noise. I mustered my meanest voice and yelled out my window for him to shut the f— up. It worked.

    norcal (68b459)

  13. How hard can it be to fix the login and comments? It’s not like this site is full of bells and whistles.

    norcal (68b459)

  14. As long as Putin is selling oil, natural gas, and soon wheat, he is not going to stop.
    Instead of sanctions we could probably adjust his behavior quicker by sending Putin a gross of Gwenyth Paltrow’s candles that smell like her v-jay

    steveg (e81d76)

  15. @steveg


    norcal (68b459)

  16. OT- Meanwhile, over at the Early Bird Special Buffet Line:

    “You couldn’t buy a cannon when the Second Amendment passed!”- Joe Biden, 4-11-22

    Really Joe? You couldn’t buy an 18-wheeler to drive; an F-18 to fly or a ball point pen to write with either.

    ‘During the campaign, Biden had asserted that the cannon restrictions happened during the Revolutionary War. “From the very beginning you weren’t allowed to have certain weapons,” Biden told Wired magazine in May 2020. “You weren’t allowed to own a cannon during the Revolutionary War as an individual.” Historians at the time told PolitiFact there was no evidence this was the case. The Biden campaign could not point to any laws but seemed to suggest Biden’s point was more metaphorical than grounded in reality. Now Biden has moved the cannon metaphor to some 20 years after the Revolutionary War — and it’s still wrong.’ –

    Three more years of this.

    DCSCA (f4c5e5)

  17. I could buy a cannon then and now. Ski resorts get to own and use howitzers

    steveg (e81d76)

  18. @9 Don’t they know we get to bomb anyone we like (maybe not russia) BUT! they are not alowed to bomb us back! In the movie battle of algeirs The captured algerian leader is asked by french reporters Why do you send your women to bomb are airport with explosive laden hand bags? The captured leader answered. You french bomb are villages with jet bombers. we don’t have jet bombers ;but we would gladly trade our hand bags for your bombers. 9-11 was not an attack it was a counter attack. Ethnocentrics are to dumb to understand that people who have been bombed might want to strike back.

    asset (7a45a6)

  19. @18. When did we bomb Saudi Arabia?

    lurker (cd7cd4)

  20. Ike went to Korea.
    LBJ went to Vietnam.
    Britain’s Boris went to Kiev.
    America’s Biden went to Wilmington.

    … and Corn Pop smiled.

    DCSCA (f4c5e5)

  21. @20 Joe biden was a vietnam war draft dodger and an iraq war chicken hawk who voted for the iraq war like hillary clinton and many other establishment corporate democrats for political gain. Biden could care less about the ukraine unless it will help his poll numbers.

    asset (4a9329)

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