According to the World Bank, Russia is on the verge of defaulting on its debt; however, commentators point out that this is merely a technicality due to the fact that Russia can pay its debt in rubles rather than the currency in which the bonds were issued, so avoiding a default. According to Reuters, the World Bank’s chief economist, Carmen Reinhart, stated that Russia is “in square default territory.” She went on to say that while the country has not yet been designated as a selective default by the rating agencies, it is “quite near.” According to Reinhart, the same…
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