A deal setting out the framework of a historic accord between Iran and the P5+1 has been agreed upon in Switzerland. While the final agreement has not been signed and negotiations are expected to go on until the end of June with that end in mind, the initial reaction was optimistic. The presidents of Iran…
The IMF has agreed to funnel some $10 billion in additional assistance funds into Ukraine’s economy as part of a larger four year bailout program. The fund’s board approved a $17.5 billion loan with tranche payments of some $5 billion next week and the other $5 in the next month for Ukraine to borrow against.…
The Ukrainian central bank will raise its benchmark refinancing rate to 30%, a more than 10% increase of the current rate of 19.5%. The bank taking this step has been expected, as inflation rates are increasing rapidly and the hryvnia has lost nearly half of its value during 2015. The move by the central bank…
Western sanctions from a conglomerate of EU and other Western countries have thus far failed to hit the pressure points in the Russian economy, according to spate of new articles. In fact, their imposition appears to be hurting several Western companies more than Russian ones and the primary factors causing economic pain in Russia are…
Russian households have shown the largest decline in consumption since 1991, according to new data just released. A slump of 44% in the value of the ruble has led to a decrease in overall purchasing power of the Russian consumer, and residents are comparing the situation to the fall of the USSR, when savings were…
Major Chinese debt rating agency Dagong announced that Russian debt is still more creditworthy than US debt. Russia, which is currently traversing a currency crisis and recession, and struggling with a severely weakened ruble, will maintain an A rating with Dagong, whereas the United States was recently given an A- by the agency. Dagong officials…
Yields on Russian government debt bonds have soared on the expectation that credit ratings agencies will reduce the rating to junk. The ruble, on further news that oil has reached $50 a barrel, has tumbled once again. This morning, as Brent trades above $50, the ruble has begun another tepid ascent in value. Standard &…
Ukrainian bonds have dropped to record lows over concerns that Kiev may default on debts this year. The Financial Times, in collaboration with the International Monetary Fund, recently released a tool that demonstrates the concerning state of Ukraine’s economy, leaving few hopeful that the conflicted nation will be able to make ongoing debt payments despite…
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