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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: TobagoJack who wrote (60109)	5/3/2006 8:33:28 AM
From: sciAticA errAticA	Read Replies (1) of 110194

And the money keeps rolling in … To Russia. Brad Setser May 02 2006 rgemonitor.com In 1998, Russia was very short on cash. It went to the IMF and got a $15 billion credit line. When it didn’t hold up its end of the bargain – taking steps to collect a bit of revenue – then Treasury Secretary Rubin pulled the plug on the program after only $5 billion had been disbursed. He argued that there was no point in throwing more good money after bad. $5b. Chump change. That is less than ½ of what Russia added to its reserves in the first three weeks of April. Russia’s reserves were $217.1b on April 21, up from $205.9b at the end of March. For the full month, Russia’s reserves will probably grow by $15 billion. By the end of the year, Russia will likely have as many reserves – around $300b – as the IMF has on deposit. Talk about a reversal of fortune.

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