Russia’s stock market is falling fast and there is now speculation about the bond market there. Looking at Russia’s history, when things go wrong they go very quickly. A dangerous time for the world. If Putin is going down he will take everything with him:
Rating agencies say Russia is on the verge of defaulting on government bonds following its invasion of Ukraine, with billions of dollars owed to foreigners. That prospect recalls memories of a 1998 default by Moscow that helped fuel financial disruption worldwide.
The possibility has become more than market speculation after the head of the International Monetary Fund, Kristalina Georgieva, conceded that a Russian default is no longer an ”improbable event.”