Investment in Russia and Eastern Europe Message Board

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Strategies & Market Trends : Investment in Russia and Eastern Europe

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To: Rob Shilling who wrote (681)	9/16/1998 1:58:00 PM
From: P.T.Burnem	of 1301

Foreign investors bought ruble-denominated Russian government "bonds", and hedged their currency risks by buying (in essence) puts on the ruble from Russian "banks". They got robbed twice: first by the government, and then by the "banks". If Tuesday's ruble rate was artificial, where were all of the hedge funds and currency traders that would normally sell the ruble when it is "artificially" too high ???? To whom? Nobody would buy rubles at quoted rates (except, perhaps, the Central Bank from a few well-placed insiders). There was absolutely nothing preventing them from doing this. It is a market you know. It is an investment scam, not a market. PTB

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