PREVIEW

... ancial Markets]

[Breaking: Russian Ruble Plummets... FX Markets Halt Trading]

[Russia Announces Foreign Debt Suspension... Panic Sell-Off on Wall Street]

It was absurd.

Everyone thought so. They weren’t even dollar bonds—weren’t they ruble-denominated?

Why not just pay them back? At the very least, couldn’t the central bank run the printing presses and pay off the debt? Sure, the ruble’s value would nosedive, but that was already happening anyway.

...

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