HGRM--Any Followers? Message Board

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Microcap & Penny Stocks : HGRM--Any Followers?

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To: Jim Burnham who wrote (2368)	4/21/1999 8:36:00 PM
From: Madeleine Harrison	Read Replies (1) of 3576

Hope Camdessus is right, because this piece from yesterday sure colors the picture differently: (COMTEX) Russia to default on $1.2 billion bond Russia to default on $1.2 billion bond MOSCOW, April 20 (UPI) _ Russia says it will be unable to pay off $1. 2 billion in Ministry of Finance bonds maturing in May, dealing a further blow to the country's already shattered image on financial markets. Russian Deputy Finance Minister Mikhail Kasyanov (''me-hah-EEL kas- YAH-nawf'') says, ''Unfortunately, as hard as we tried to accumulate money and stabilize the situation, we can't do this.'' Russia must repay over $17 billion in foreign debts falling due this year, as well as meet its obligations on maturing dollar-denominated domestic bonds, known as MinFins. The Finance Ministry is desperately trying to reschedule the repayments after last year's default on domestic debt. The government had hoped to boost its currency reserves in the first quarter with funds from a multibillion dollar International Monetary Fund loan, but the talks on disbursement of the frozen IMF package have dragged on longer than expected. Moscow believes it is within weeks of final IMF approval, but will not manage to meet the May 14 repayment deadline of the $1.2 billion batch of MinFin bonds. The Russian Central Bank says foreign currency reserves have slumped below $11 billion. _-

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