Moscow Warns Against Panic As Ruble Plunges To Historic Lows -- AFP
Moscow (AFP) - Russian authorities told people not to panic on Tuesday as the battered ruble plunged to record lows, floored by tensions with the West over Ukraine, new sanctions and falling oil prices.
The national currency fell to 38.82 rubles per dollar after weakening on Monday to below 38 against the dollar for the first time.
It also broke through the symbolic level of 50 rubles per euro for the first time in several months.
The ruble has slumped as investors fret about the impact of ever more stringent Western sanctions on the economy, which is already teetering on the verge of recession.
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Ukraine Currency Crashes To Record Low As IMF Blasts "Gross Abuses" -- Zero Hedge
Despite celebrations of de-escalations and truce in US equity markets (by asset-gathering commission-takers), the situation continues to go from bad to worse in the nation almost forgotten now that ISIS is stealing American headlines. The Hryvnia plunged 7.5% this morning - its biggest single-day drop on record - following the release of a scathing IMF letter and devaluation warnings from BofA. The IMF blasted Ukraine's "premature emission of extra money," and demanded it "immediately halt these gross abuses," as BofA warns of risk of "10-20% devaluation" in the next year is high given reserves are at a "critical level."
UAH plunges 7.5% to record lows this morning...
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My Comment: Mind you .... the U.S. is not in great shape either .... The U.S. National Debt Has Grown By More Than A Trillion Dollars In The Last 12 Months (Zero Hedge).
3 comments:
A collapse of the American dollar is an opportunity for Herr Obama.
Obama was the one who demonized Speaker of the House Boehner over the debt ceiling and sequestration.
Boehner reminds me of General Bethlehem's 1st Lieutenant (in the movie The Postman). I wonder if he is as brave? If he is not brave he has the other part down pat.
What does ZeroHedge say?
Oh yeah, it is not that the U.S. budget is in great shape. It is that it is the cleanest dirty shirt. Faint praise.
That has got us past the last few years.
But is that something a sane person wants to rely on?
Aizinio .... There are other countries that do have their act together when it comes to money. I live in Canada .... balance budgets are the vogue (at least for now).
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