"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. And you have a lot of countries that are incredibly inter-connected to Russia. You've got Sri Lanka, Egypt. Not to mention, of course the former Soviet Union countries. So it is very difficult for there not to be some spill over effect to all of these places."
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