Bloomberg says Russia is in default
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Bloomberg reported that “according to the bond documents, if investors do not receive the money by the due date, there will be a ‘symbolic’ default on Monday.”
Bloomberg on Monday, June 27th reportedthat Russia has defaulted on sovereign debt. The deadline for paying $100 million in coupons expired on the night of June 27th.
“The grace period for the payment of about $100 million in late payments on government bonds expired on Sunday, and in the event of a default, the deadline is considered a default event,” the statement said.
The situation was compared with 1918, when the Bolsheviks refused to pay the royal debts.
At the same time, Bloomberg points out that “the default is mostly symbolic and means little to the Russians.”
Default is the default of the debtor to pay the debt. The declaration of default by the state reduces its credit ratings – it becomes difficult or impossible for the country to attract new loans, as a result, the limited infusion of external capital hinders the development of the economy.
Bloomberg previously wrote that Russia has come to a default.
Recall, on June 23, the Ministry of Finance of Russia fulfilled its obligations under Eurobonds to foreign creditors in rubles.
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