Putin Punished With Credit Risk Above Portugal: Chart of the Day
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President Vladimir Putin’s annexation of Crimea is damaging Russia’s creditworthiness, making some of Europe’s most indebted countries look better by comparison.
The CHART OF THE DAY shows that for the first time in four years, the cost of protecting against a default by the world’s biggest energy-exporting nation is higher than for Portugal, which needed an international bailout just three years ago. The yield on Russia’s ruble bonds maturing in August 2023 was at 9.15 percent today, versus 3.93 percent on Portuguese securities due in October 2023.