The ball is in the United States’ court as to whether payments due on Wednesday on two Russian dollar-denominated Eurobonds will go through, and Washington should clarify whether the settlements are possible, Finance Minister Anton Siluanov said. The economic cost of Russia’s actions in Ukraine has been fully exposed as President Vladimir Putin’s sanctions-ravaged government…
Ball in US Court on Russian Eurobond Payments, Finance Minister Says
March 16, 2022
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Russia Says It May Have to Service Foreign Exchange Debt in Roubles Due to Sanctions
March 14, 2022
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Russia’s finance ministry is preparing to service some of its foreign currency debt on Wednesday, but such payments will be made in roubles if sanctions prevent banks from honoring debts in the currency of issue, the ministry said on Monday. “Is that a default? … From Russia’s point of view, we are fulfilling our obligations,”…
Which Bills to Pay First?
If you don’t have enough money to pay all of your bills, which should you pay first, and which ones can slide for a while? That’s the question frequently showing up in my email inbox these days. The past year has been so difficult for so many. And with each request for help I receive,…
China’s Imperiled Local Government Sector
March 4, 2022
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Commentary Many of China’s local authorities are staring down a severe fiscal challenge this year. The typically robust real estate sector has instead been a big disappointment. The country’s ongoing property market slump has hit local government revenues. We’ve previously pointed out land sale revenues as being a major component of local budgets, and China’s…
These Debt Reduction Strategies Are Bad Ideas
Dear Dave, I’ve been seeing lots of ads lately for debt consolidation companies, debt settlement companies, and the HELOC. Are any of these methods for reducing debt a good idea? —Brent Dear Brent, No. These are all bad ideas when it comes to getting out of debt. There’s a lot of buzz these days surrounding…
Bad News: You’re in Debt. Worse News: You’re in Phony Debt
The email from “Norton Protection” said I owed $999.99, which was “charged successfully and it will appear on your bank statement in 24 to 48 hours.” Although I have an account with a leading cybersecurity company, I’ve never paid that much for its products. To “cancel” the charge, I was instructed to call a number,…
US Investment Firm Issues Challenge to China’s Legal System
Commentary We’re about to find out just how “free” China’s financial markets really are. As the restructuring saga around real estate developer China Evergrande continues to drag out, recent developments could escalate into a financial standoff previously never before seen in China’s capital markets. A U.S. distressed credit fund—which owns a piece of Evergrande’s defaulted…
Morgan Stanley Sees US Debt-to-GDP Ratio Down 7 Percentage Points in 2022
A huge U.S. fiscal deficit from the first two years of COVID-19 spending should decline rapidly to near pre-pandemic levels, largely due to a rebound in economic growth, analysts at Morgan Stanley said on Thursday. In a research note, the investment bank’s economists predicted the debt-to-gross domestic product ratio should decline 7 percentage points in…
4 Rules to Get Out of Debt
If you’re in debt, you have to get out. The best way to do that is to put together a plan—but remember, a plan is only as good as your ability to stick with it. Just like diets, all of them work: The true test is sticking with one. No matter how effective the plan…
Higher Interest Rates May Cause Japan’s Debt-Servicing to Top 30 Trillion Yen in FY2025: Draft
January 19, 2022
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TOKYO—Japan’s debt servicing costs would exceed 30 trillion yen ($261.55 billion) for the first time ever in fiscal 2025 if interest rates rise by 1 percent more than expected, a draft of the Ministry of Finance’s (MOF) estimates, due later this month, showed. The MOF, in its annual estimates over a five-year period, projected debt…
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