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 (786)	11/4/1998 9:48:00 AM
From: Paul Berliner	Read Replies (2) of 1301

They are not 'emerging from bankruptcy' because they have $700M due through the end of this year on bonds and another $5.5B next year. Plus, its been reported that they just missed a $370M payment to a European bank. I don't exactly know what you mean by the debt moratorium being lifted on the 17th. The IMF can give more money but, A. they won't and B. the debt holders just had unsuccessful talks with russia about a restructuring. The holders obviously have to forgive some part of principal (which is why the paper is trading for pennies on the dollar) and establish extended repayment terms. Lastly, the rouble may have strengthned from 18 to 15.5 but it was at 6.5 before the defacto devaluation. Also, I'd like to see the data that shows that reserves are increasing, because I've read the opposite.

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