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IMF Head Says Russian Default No Longer an ‘Improbable Event’
A Russian sovereign default is no longer improbable, though it’s unlikely to trigger a global financial crisis, International Monetary Fund Managing Director Kristalina Georgieva said. With Russia and Russian banks under sanctions by the U.S. and its allies after the full-scale invasion of Ukraine, Russia’s credit rating has faced downgrades. Fitch Ratings said last week that a bond default is “imminent” as a result of measures imposed since the war in Ukraine began on Feb. 24. “In terms of servicing debt obligations, I can say that no longer we think of Russian default as improbable event,” Georgieva ... (full story)