LOL!!
The appearance of that thread could mark an important bottom (G)
Judgement day approacheth for mother Russia on Tues.....
this article was out a few weeks ago and I saved it. How 'bout a Brazilian currency in freefall and a Russian default all on the same day when the mkt opens up on Tues? could make for an ugly day. :)
NEW YORK (AP) - Bank of America has asked Russia's foreign creditors to choose between two settlement options on $20 billion of bad debt, one of which would demand immediate payment, the Dow Jones Newswires reported Tuesday.
In a letter to debtholders Tuesday, Bank of America asked major lenders in the so-called London Club of commercial creditors to ''either declare the loans to be immediately due and payable'' or reserve their right to do so until future notice, the report said. The creditors were asked to vote by Jan. 19.
Under the 1997 debt agreement, if more than half of the holders of principal notes ask for immediate repayment, Russia would be legally required to repay the full $20 billion.
The bank would not confirm the report, Bob Wynne, a Bank of America spokesman said Tuesday evening.
Last week, Bank of America, which is the payment agent for more than 600 commercial lenders, declared Russia in default after the state-owned Vnesheconombank failed to make a $362 million interest payment by the end of a grace period. |
