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Russia could default as soon as next month, Morgan Stanley says

 
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03/09/2022 09:25 AM
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Russia could default as soon as next month, Morgan Stanley says
Russia’s economy is so weak that it may have to default on its foreign debts soon, with analysts comparing it to Venezuela.

In a note on Monday, Simon Waever, Morgan Stanley’s global head of emerging-market sovereign credit strategy, warned that Russia’s economy was inching perilously close to default territory, as the West imposes sanctions and talks of a recession mount.

“We see a default as the most likely scenario,” Waever wrote, predicting that the default may occur as early as April 15, a date that will mark the end of a 30-day grace period on coupon payments that the Russian government owes on dollar bonds. The repayments for these bonds will be due in 2023 and 2043.

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