Washington Post (December 16)
“The drama playing out in Russia on Tuesday was not pretty. The ruble’s exchange rate has collapsed by some 50 percent against the dollar since mid-June, with an accelerating fall in recent days….Russia now faces a full-blown currency crisis.” The crisis, however, did not spring out of nowhere. “For President Vladimir Putin, the crisis is his own doing, a direct outgrowth of a meddlesome adventure into Ukraine.”
Tags: Collapse, Currency crisis, Dollar, Exchange rate, Putin, Ruble, Russia, Ukraine
Wall Street Journal (November 3)
“Moscow may have a currency crisis on its hands.” For the year the ruble has sunk 22% against the dollar, trailing only “Argentina as the biggest emerging-market currency loser.” Though the faltering Russian economy could benefit from lower interest rates, “the Bank of Russia raised its benchmark interest rate to 9.5% from 8% on Friday in an attempt to stop a run on the ruble and stem inflation, but the ruble kept falling even after the rate hike.”
Tags: Argentina, Benchmark, Currency crisis, Dollar, Economy, Emerging markets, Inflation, Interest rates, Moscow, Ruble, Russia
New York Times (December 5)
Alistair Darling writes that European leaders need to “address the root causes” behind the ongoing European crisis. “It is not enough for the euro zone nations to bail out each economy as it falls into a crisis—they must address the root causes of the continent’s problems.” The Former British Chancellor of the Exchequer (2007–2010) and current member of British Parliament identifies the root cause as the limited “political and economic union that underpins” the common currency. As a first step, Darling recommends that the European Central Bank “make a firm commitment to buying government bonds from at-risk countries.” Darling provides other suggestions and urges European leaders to act quickly to address what has become “the single largest threat to the fragile global recovery.”
Alistair Darling writes that European leaders need to “address the root causes” behind the ongoing European crisis. “It is not enough for the euro zone nations to bail out each economy as it falls into a crisis—they must address the root causes of the continent’s problems.” The Former British Chancellor of the Exchequer (2007–2010) and current member of British Parliament identifies the root cause as the limited “political and economic union that underpins” the common currency. As a first step, Darling recommends that the European Central Bank “make a firm commitment to buying government bonds from at-risk countries.” Darling provides other suggestions and urges European leaders to act quickly to address what has become “the single largest threat to the fragile global recovery.”
Tags: Alistair Darling, Currency crisis, euro, Euro zone
Economist (December 2)
The euro is lurching from crisis to crisis. The Economist hopes the currency will survive. European leaders should be doing more. “Breaking up the euro is not unthinkable, just very costly. Because they refuse to face up to the possibility that it might happen, Europe’s leaders are failing to take the measures necessary to avert it.”
Tags: Currency crisis, euro, European leaders
