WASHINGTON — Russia’s suddenly escalating financial crisis risks spilling beyond its borders and endangering parts of the global economy.
With economies in Europe, Japan, China and Latin America already ailing, fresh threats have emerged from Russia’s shrivelled currency, its move to dramatically boost interest rates, the damage from plummeting oil prices and Western sanctions over Russia’s action in Ukraine.
The alarming 10 per cent drop in the ruble over the past two days has amplified the economic turmoil in Russia. Investors fear that Russia may default on its foreign debt obligations — a move that would inflict hundreds of billions in losses …read more
Source: Macleans
