Bloomberg/Daniel Flatley and Giulia Morpurgo/4-5-2022
“The U.S. Treasury halted dollar debt payments from Russian government accounts at U.S. banks, increasing pressure on Moscow to find alternative funding sources to pay bond investors and avoid a default. The decision adds another complication to Russia’s attempts to keep meeting debt obligations amid the sanctions imposed after it invaded Ukraine.”
USAGOLD note: It is that nearly casual use of the word “default” that will raise more than a few eyebrows on Wall Street. Another word comes to mind whenever the pundits start talking about a default in the bond market – contagion.
