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Those days are now consigned to what might have been. Putin began turning away from his new friends as early as 2003, and accelerated the retreat as his third term in the Kremlin got under way in 2012. He cracked down on dissidents, curbed economic freedoms and, this year, fomented the rebellion in eastern Ukraine.
The result: Russia, now bordering on recession, suffers mounting international sanctions and, increasingly, is a pariah in capital markets. While the MSCI World Index of equities is up 9.7 percent from a year ago, the Micex is down 2.9 percent. The ruble, which today reached a record low, has fallen 30 percent since Putin first became president.
After shunning bond auctions for nine weeks amid the worst quarter for ruble debt since 2011, Russia indicated it’s prepared to borrow at more than 9 percent for the first time in almost five years.
In its first auction since July 16, the Finance Ministry sold all 10 billion rubles ($262 million) of August 2023 notes on offer to a single bidder on Sept. 24 at an average yield of 9.37 percent. Current yields are “acceptable” and the finance ministry plans to fulfill this year’s bond sale plan, it said in an e-mailed response to questions on Sept. 26.
Russian government bonds lost 12 percent in the third quarter in dollar terms, their worst performance since 2011, according to Bank of America Merrill Lynch data.
The ruble weakened to a record low, approaching the level at which Russia’s central bank said it would intervene to support the currency.
The currency fell 0.9 percent to 44.2637 versus the central bank’s target basket of dollars and euros at 11:24 a.m. in Moscow. That’s 0.3 percent away from the level of 44.40 at which the central bank said it would begin market interventions. Ten-year government bonds retreated, pushing the yield up three basis points to 9.35 percent.
“The market is getting closer to panic,” Dmitry Polevoy, chief economist at ING Groep NV in Moscow, said in an e-mailed note. “The ‘ghost’ of peak external debt payments in September and December is the most often-cited enemy of the ruble. The attempt to test 44.40 looks well grounded.”
originally posted by: tsurfer2000h
a reply to: BasementWarriorKryptonite
I genuinely have no clue what you're talking about, but thanks for elaborating enough for me to understand that you mean you think the words I used in a post are similar to those used by another - who is the certain person?
Don't worry it's just a little problem that he has with certain members that don't fall for the usual BS coming from those who think Putin is god and does nothing wrong.
Welcome to the club...
originally posted by: BornAgainAlien
no democratically elected leaders !
President Vladimir V. Putin signed a law on Tuesday that could roll back a reform pushed by his predecessor allowing the direct election of regional governors. The new law allows regional legislatures to forgo elections and appoint governors from a list of candidates approved by Mr. Putin.
He abolished direct elections for governors in 2004, during his second term as president, but President Dmitri A. Medvedev pushed a law through Parliament last year to restore them in what was seen as a major concession to a growing political opposition movement. Mr. Putin, now serving his third term as president, has said that the new law is needed to protect minorities in regions where elections could be combustible. Critics said the law would allow the pro-Kremlin United Russia Party to avoid election defeats by using its control of regional legislatures to bypass popular voting. The law was the latest unwinding of Mr. Medvedev’s initiatives since Mr. Putin returned to the presidency.
As for your lack of understanding on how the EU works. The European Union represents the European countries. The individual countries represent the people.
However when you compare the political system of the US, EU, individual EU countries to Russia, Democracy is alive in well in all of those places except for Russia.
In none of the EU countries politicians listened when the vast majority of people asked them not to go to war in Iraq in 2003...and that`s just one example of many.
Countries supporting the U.S. position Shortly before the Iraq war began, the US government announced that 49 countries were joined in a "coalition of the willing" in favor of forcibly removing Saddam Hussein from power in Iraq, with some number of other countries expressing their support in private.
Of the 49 countries, the following countries had an active or participant role, by providing either significant troops or political support: Australia, Bulgaria, Czech Republic, Denmark, Hungary, Italy, Japan, Latvia, Lithuania, Netherlands, Philippines, Poland, Portugal, Romania, Slovakia, Spain, Turkey, Ukraine, United Kingdom and (United States).
West will be wise enough before playing anymore sanctions cards. They will surely backfire massively.
They supported the call to go to war, despite on average 90 % (a few % were pro and the rest was undecided) of its citizens were against it.
originally posted by: Agent_USA_Supporter
a reply to: victor7
West will be wise enough before playing anymore sanctions cards. They will surely backfire massively.
Indeed they shall. The west thinks by playing sanctions cards. This will force the Russians to protest as they did in Syria, the Russian people know there own Enemy.
Political support is nothing...?
I forgot you`re not only anti-Putin but pro-violence too, and than it`s nothing indeed.
originally posted by: kitzik
a reply to: stirling
Come on, Ukraine is what is called in USA language classical "failed state" Their GDP/per capita is less $4k. In Russia it is $14k, also not that much but on par with Poland. Ukraine is much closer to Africa than EU.
EU can't feed country which is 10 times bigger Greece and 3 times poorer.
originally posted by: victor7
The moment Russia denies the overflight rights over its territory, dozens of western airlines will file for bankruptcy within months.
Russia will also start to supply advanced weapons to countries like Iran, Syria, North Korea etc.
Good part of this all geo-politics in Ukraine is, finally Russia is looking inwards to cultivate domestic industries to produce various goods.