Economics
Putin’s Ruble Rescue Plan Crashes Into Global Market Rout
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Russia’s efforts to ease a dollar funding crunch that is exacerbating the ruble’s decline are being hampered by a global market rout.
The ruble fell to a fresh record yesterday, bond yields jumped and the cost of insuring government debt against non-payment was within 10 basis points of the highest level since 2011 even as the central bank announced a $50 billion repurchase agreement program and the Finance Ministry pledged an additional $3 billion. Markets worldwide slid as concern mounted economic growth is slowing.