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Russia on Monday became the first G8 country since the start of the financial crisis to have its credit rating downgraded after Standard and Poor’s took fright at the recent exodus from the rouble and sharp drop in oil prices.
S&P said it had lowered Russia's foreign currency credit rating by one notch from BBB+ to BBB because of the “rapid depletion” of the country’s foreign exchange reserves and the “difficulty of meeting the country’s external financing needs”. It said the outlook for the rating was negative.
Russia’s reserves have fallen by $128bn since August to $455bn, as the country battles the capital flight that began following the war with Georgia and escalated as the oil price fell and the global crisis worsened.
Originally posted by HunkaHunka
HAH! One big LOL, given all of the crap coming out of Russia during our financial crises. They kept saying how the US was over... well, it appears that one should pull the LOG out their own eye first...
Originally posted by princeofpeace
Russia is not in great shape as many folks on here try to paint. So to all you anti-US'ers and Pro-Russia's.....HA!!!
Originally posted by czacza
Putin was talking a lot of crap about the stromng Russian economy. but the reality is that they are weak and they stand on the gas and oil as only income products (but the prices are dropping down as we all know).
Originally posted by czacza
the oil sold outside the country was highly taxed and that is where from the Russia had some cash from.
Originally posted by czacza
but now the russian exporters stoped selling the oil outside of the country.
Putin already forced them to restart but they have a huge problems with transport now. they already cancelled most of it.
Originally posted by czacza
and Putin and Russians will be forced to strike someone (maybe Georgia) or use other confilct to put the own people attention away from the real staff. as they did in the past.
S&P said it had lowered Russia's foreign currency credit rating by one notch from BBB+ to BBB because of the “rapid depletion” of the country’s foreign exchange reserves
Originally posted by princeofpeace
I know how to solve the Russian economic problem!!! Maybe they should start exporting more Vodka than they consume!!! Nah. Without a bunch of drunks to run the government, where would their creativity come from?
Was it an age of Glasnost or Drunknost?
Originally posted by princeofpeace
I know how to solve the Russian economic problem!!! Maybe they should start exporting more Vodka than they consume!!!
Originally posted by princeofpeace
Nah. Without a bunch of drunks to run the government, where would their creativity come from?
Originally posted by princeofpeace
Was it an age of Glasnost or Drunknost?
Originally posted by hinky
I wouldn't count Russia out yet. They have tons of gold and diamonds that can be dropped on the market for cash. Huge reserves of oil and gas that will be injected into the market in the next couple of years.
They are a country rich in natural resources but they are also a country rich in corruption at all levels of government.
It would be great, as an American, to say this will place the wooden stake into the Russian heart and kill it, as I am an old cold warrior; but in reality, you can put lipstick on a reformed communist and it's still a communist.
Originally posted by maloy
The article mentions that the war with Georgia is to blame for the decrease in capitalization of investments in Russian. What a load of bullshat - the Western press is just trying its hardest to show that the war was bad for Russia. The "fligh of capital" has nothing to do with the war. It is partly due to decrease in oil prices, partly due to general slowdown of the global economy, and partly due to outside investors who invest in Russia pulling out their money to deal with the financial crisis hitting the Western markets. Many venture capitalists that invested inside Russia now have a pressing need for cash as collaterilized assets are being devalued.
Originally posted by HunkaHunka
HAH! One big LOL, given all of the crap coming out of Russia during our financial crises. They kept saying how the US was over... well, it appears that one should pull the LOG out their own eye first...
Russia never said US was "over". What Russia did was blame the activities of US investors and speculators who had little regard for risk and were feeling opportunistic, for the global financial crisis. It was also blaming the fact that trading of collateralized securities, such as credit default swaps that got AIG into trouble, are mostly unregulated in the US and Western Europe.
Russia did say that US dominance of the world markets may be fading - and it is. US will remain a major player - no one argues with that - but it might not be the only major player anymore. No one is denying that financial situation in Russia is bad. But it is not significantly worse that the rest of the world, or US for that matter. Credit ratings were similarly lowered for Ukraine recently (US ally).
Originally posted by princeofpeace
Russia is not in great shape as many folks on here try to paint. So to all you anti-US'ers and Pro-Russia's.....HA!!!
So you appear to be comforted and happy that your economy is not being flushed down the toilet alone. Yes - Russia is feeling the heat. But it was the activities of investors, speculators, and brokers in the US that brought this mess about in the first place. And now you are laughing that you are pulling down the rest of the world with you? Keep laughing - see how much the rest of the world trusts you to run global finances again.
[edit on 8-12-2008 by maloy]