Bloomberg (December 18)
2014/ 12/ 19 by jd in Global News
Early this year, Kremlin aids advised Vladimir Putin that “Russia was rich enough to withstand the financial repercussions from a possible incursion into Ukraine.” Their advice and the subsequent invasion “now looks like a grave miscalculation. Russia has driven interest rates to punishing levels and spent at least $87 billion, or 17 percent, of its foreign-exchange reserves trying to prevent a collapse in the ruble from spiraling into a panic.
Tags: Advice, Collapse, Foreign-exchange reserves, Interest rates, Kremlin, Miscalculation, Panic, Putin, Ruble, Russia, Ukraine
