Brezhnev Bonds Haunt Putin as Investors Hunt $785 Billion - Bloomberg
The securities are part of the 25 trillion rubles ($785 billion), equal to almost half of Russian economic output,
the government says it still owes the public from lost Soviet savings.
Putin is stalling, most recently signing an order in April to halt
payments on the notes until at least 2015. Now, armed with court
rulings, veteran speculators are joining pensioners in seeking to cash
in.
“This all should have been settled back in the 1990s,” said
Boris Kheyfets, a Soviet debt specialist at the Russian Academy of
Sciences’ Institute of Economics in Moscow. “How do you assume a debt
that huge? It would collapse everything immediately.”
Counties should take a page from the former USSR
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