The action that caused Russian foreign currency reserve accounts to be frozen were all initiated by Russia. Russia could have prevented a default by obeying international law and international norms for behavior. Putin decided to commit war crimes instead. You should not be surprised if there is a reaction to Russian behavior. Not only did Putin's lawlessness cause Russia to default, but it seems it soon will cause precisely what Putin did not want, which is more NATO countries on the Russian border. Putin should pay attention to what happened to Slobodan_Milošević. https://en.wikipedia.org/wiki/Trial_of_Slobodan_Milošević
Russia Defaults On Foreign Debt
- Thread starter Nobert
- Start date
As much as I don't agree with Russian launching this war against Ukraine, I do agree with what the foreign minister has said about this default. It is indeed a farce. Russia is not in default because it can't pay. Russia has the money to pay but is just not being allowed to pay it because the west cut off all of the methods of payment. It's like you try to pay your mortgage and you have the money sitting in your bank account waiting for it to be debited by the lender bank but the bank just refused to debit it from your bank because you are not allowed to use the electronic payment system anymore. And as a result, the bank just declares your mortgage as in arrears.
You have to remember, @piezoe is what Lenin/Hitler/Stalin had in mind when they wanted to create useful idiots.
To be fair international law is just hot air. Nato didn't do what they agreed to do in contracts, the US has started many wars that weren't justified by those laws and so on, Mastricht is a joke, so is everything the EU does in general. Nothing but hot air. If you'd be the one to play by the rules and conventions... you were the only one doing so. I am not pro Russia but I'm annoyed by the conventional tits for tats game. Youd never believe a politician what he says, would you? Why even bother about their "products".
If I have money in the bank and I tell the lender that I can't pay because the bank defaulted, it's not his concern but mine. I have to deliver the funds, simple as that. If the middlemen don't co-operate, that is solely on the borrower.
Yeah but Russia in this case, is telling the lender it CAN pay but it's just the lender that's refusing its payments because it doesn't accept the method of payments. So what do you want Russia to do? Go to each lender personally and dump all the money in the currency denomination literally at the location of the lender?
US has been fairly careful about deliberately targeting civilians as that is a war crime in the civilise world. Unlike Russia who deliberately targets civilians and the fact that it's encouraged by their high command.
1. Russia doesn't deliberately targets civilians. It's just stupid lie.
2 USA wasn't careful at all about civilians. USA openly bragged like former US official Madlen Albright that it was OK to kill 500 000 children in IRAQ.
US war crimes are absolutely horrendous and on absolutely different scale of what Russia does
This is incorrect. The bond represents a contract between lender and borrower. the payment must be made in Euros in the specified amount. Payment in any other way without the consent of the bond holder is a default.