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Politics : Formerly About Advanced Micro Devices
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From: bentway12/18/2014 11:23:23 AM
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Markets rule, 'Russia is on its knees': Altman
Tom DiChristopher
cnbc.com

Russia considers itself a global superpower, but it is looking small compared to the power of the global capital markets, Evercore Partners' Roger Altman told CNBC on Wednesday.

What Russia's currency crisis has exposed is how profoundly weak the country has become, the investment bank's founder and executive chairman said on "Squawk Box." The commodity-centered economy now faces massive financial flight, a lack of meaningful foreign investment and highly leveraged corporations, Altman added.
"We live in an era where the global capital markets are the super power in the world, and when they move against you, as they've moved against Russia as we've all seen in the ruble, there's nothing that can stop that," Altman said. "The global capital markets have spoken, and Russia is on its knees."
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