Moody’s has downgraded Ukraine’s sovereign to Caa3, its third from lowest rating, indicating that the odds are on for a default. That doesn’t bode well for Kyiv as it tries to win a fight for its life on economic, military, and political fronts.
But looking over to the so-called “winner” of the Ukraine crisis, Russia isn’t faring much better. The excellent economist Anders Aslund foretold the severity Russia’s economic pain in our pages back in January. Now, his predictions are coming true:
Russia’s GDP decline accelerates as expected: January -1.5%, February -2,2%. It is likely to accelerate further.
— Anders Aslund (@anders_aslund) March …read more
Source: The American Interest
