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  • Russia Debt One Grade Above Junk With Downgrades Coming, How Likely is Default?

    12/28/2014 6:24:46 AM PST · by Kaslin · 35 replies
    Townhall.com ^ | December 28, 2014 | Mike Shedlock
    All three rating agencies are expected to downgrade Russia's debt to junk soon and bailouts to Russian banks are on the rise, but how likely is default? The Financial Times reports ... Russia trebled the size of its bailout of troubled lender Trust Bank to Rbs99bn ($1.9bn) on Friday, laying bare the growing financial fallout from its currency crisis and the slump in the price of oil, its main export. The rapidly rising cost makes the rescue of Trust bank, which foundered as the rouble collapsed early last week, the second-largest seen in Russia. It has now consumed a tenth...