Worthy Christian News > World News > Russia Reserves Vanish and Faces an Economic ‘Perfect Storm’

Russia Reserves Vanish and Faces an Economic ‘Perfect Storm’

Wednesday, January 7, 2015 | Tag Cloud Tags: Russia | Learn about our FREE SYNDICATION Service | Stay informed with the Worthy Brief! | Printer Friendly

MOSCOW (Worthy News)– Russia’s foreign reserves have dropped to the lowest level since the Lehman crisis and are vanishing at an unsustainable rate as the country struggles to defends the rouble against capital flight, the Telegraph reported.

Central bank data show that a blitz of currency intervention depleted reserves by $26bn in the two weeks to December 26, the fastest pace of erosion since the crisis in Ukraine erupted early last year.

Credit defaults swaps (CDS) measuring bankruptcy risk for Russia spiked violently on Tuesday, surging by 100 basis points to 630, before falling back slightly.

Total reserves have fallen from $511bn to $388bn in a year. The Kremlin has already committed a third of what remains to bolster the domestic economy in 2015, greatly reducing the amount that can be used to defend the rouble. –[wp_colorbox_media url=”http://www.telegraph.co.uk/finance/economics/11328974/Russia-faces-perfect-storm-as-reserves-vanish-and-derivates-flash-default-warnings.html” type=”iframe” hyperlink=”Source”]
Get the headlines Christians should be watching — sent straight to your inbox.

people are currently praying.

Worthy News reports from a biblical worldview with a commitment to accuracy, transparency, and editorial independence. Learn more about About Worthy News, our Editorial Standards, AI Use Policy, Ownership of Worthy News, News Tips and Corrections, and Worthy News Staff.

💡 Did you know? One of the best ways you can support Worthy News is by simply leaving a comment and sharing this article.

📢 Social media algorithms push content further when there’s more engagement — so every 👍 like, 💬 comment, and 🔄 share helps more people discover the truth. 🙌

Discuss this article in our forums

Latest Worthy News

U.S. Intelligence Warns Putin Could Test NATO With Limited Military Incursion

Turkey, Saudi Arabia, Pakistan to Sign Joint Defense Agreement Friday

Britain Vows Tougher Crackdown On Illegal Migration As Reform UK Unveils Channel Plan

Iraq Court Backs Christian Woman In Landmark Religious Freedom Case

Senators Hold Fauci In Contempt, Advance To U.S. Attorney

Trump Signs New Executive Orders Targeting Birth Tourism After Supreme Court Citizenship Ruling

Trump DOJ Sues Maryland County Over Gun Restrictions Near Churches

Iran Intensifies Executions in Bid to Prevent Another Uprising

Mossad Chief Reportedly Removes Senior Iran Officials After Regime-Change Plan Falters

Fair Use Notice:This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.