How many recessions you’ve actually lived through and what happened in every one

April 19, 2022 | CNBC

"With the U.S. economy on the verge of another significant recession as a result of the global coronavirus pandemic, social media users of all ages are going online to argue about which generation has suffered more at the hand of past economic downturns."


Russia Averts Default After Investors Receive Foreign-Debt Payments

March 23, 2022 | Wall Street Journal

"Russia made good on payments to foreign bondholders, according to investors and traders, averting default on its foreign debt in the face of the war in Ukraine and punishing Western sanctions."



What happens when a major economy can’t pay its debts in dollars? Russia is about to show us

March 22, 2022 | The Guardian

"As of Wednesday Russia has been scheduled to pay investors holding two dollar-denominated government bonds $117m in interest payments. It will likely make the payments, but probably in roubles rather than dollars." 

Difficult to Contain Secondary Effects From Russia Default: Rodriguez Valladares

March 22, 2022 | Bloomberg

"I have seen this movie before. I was a Russian analyst in 1998, in fact in London. And it is very difficult to contain those secondary effects. There is already over 100 Russian municipal, corporate and financial institution issuers that are already at double C or C, in terms of the rating, so incredibly close to default."

Russia makes interest payment on government debt, averting default

March 22, 2022 | The Washington Post

"The Russian government made a $117 million interest payment to foreign bondholders on Wednesday, averting what would have been its first foreign debt default since the Bolshevik Party shocked Western investors in 1918 by refusing to repay the borrowings of Czar Nicholas II."

Minister quits in Lords over government handling of Covid loans fraud

January 25, 2022 | The Guardian (UK)

By Jessica Elgot, Peter Walker, and Rupert Neate, includes “Boris Johnson suffered another major blow to his authority on Monday after a Treasury minister staged a dramatic public resignation over the government’s decision to write off £4.3bn in fraudulent Covid loans. … Speaking in the House of Lords, he accused the government of ‘arrogance, indolence and ignorance’ in its attitude to tackling fraud estimated to cost £29bn a year.”

What is a bailout?

January 20, 2022 | The Economic Times (India)

Includes “Bailout is a general term for extending financial support to a company or a country facing a potential bankruptcy threat. … Bailouts also have their disadvantages. Anticipated bailouts encourage a moral hazard by allowing not only promoters but also other stakeholders (customers, lenders, suppliers) to take higher-than-recommended risks in financial transactions. ”

The cost of poor government accounting

January 18, 2022 | Northern Trust Global Economic Research

By Vaibhav Tanddon, includes “Juggling is a skilled art requiring precise manipulation of objects. Achieving proficiency requires great balance and coordination. A comparable form of legerdemain is found in the economic and financial world. Budgetary juggling involves the use overly generous economic assumptions or accounting gimmicks to create the illusion of solvency. ”

Russia’s Putin calls for pension hike above inflation rate

January 13, 2022 | Financial Post (Canada)

By Katya Golubkova (Reuters), includes “Ahead of parliamentary elections last year Putin ordered one-off social payments and public sector salary hikes worth at least 500 billion roubles ($7 billion), which analysts said may further fuel inflation. …’Previously taken decisions will not cover for people’s expenses resulting from accelerated inflation last year,’ Putin told a government meeting. …”

Government accounting for effective decision making

January 5, 2022 | IMF Public Financial Management Blog

By Julie Cooper, includes “… If decision makers focus only on what has been paid there is a risk that government agencies will spend above the approved budget limits thus leading to a potential build-up of expenditure arrears. If they focus only on what revenue has been received, they may not put sufficient effort into the collection of revenue.”

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