Russia Cascading global financial collapse now a very real risk as Russia heads for default

Thursday, December 18, 2014
By Paul Martin

by: J. D. Heyes
Thursday, December 18, 2014

Russia is teetering on the edge of solvency and economic collapse as its currency collapses, interest rates rise and average Russians flock to stores to stock on up on anything they can get their hands on.

Meanwhile, some geopolitical analysts believe that the economic turmoil — touched off in part by Western sanctions in response to Moscow’s “annexation” of Crimea and suspected military involvement in Ukraine, and in part due to slumping oil prices — could put Russian President Vladimir Putin in a position where he may use aggression to distract his people from their plight.

As reported by The Associated Press (AP), the sudden financial crisis in Russia has risks of spilling over into other countries and could serve to damage other parts of the global economy.

As the AP noted:

With economies in Europe, Japan, China and Latin America already ailing, fresh threats have emerged from Russia’s shriveled currency, its move to dramatically boost interest rates, the damage from plummeting oil prices and Western sanctions over Russia’s action in Ukraine.

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