Word: defaulters
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Russia's ruble devaluation and debt default were not especially damaging in broad economic terms; the Russian economy is no bigger, measured by gross domestic product, than that of the Netherlands. But the Russian default and devaluation were devastating financially and psychologically. They reinforced the impulse of global investors to pull their capital out of any country where they sense the slightest risk. Sinai explains that because of Russia's thousands of nuclear weapons, many considered its economy too important to be allowed to fail. Yet it did collapse, and investors drew a bitter lesson: in theory any country could...
...just a few miles from the Howard Street apartment where he grew up. One flight up from a saloon, the flat was all the family could afford during the Depression, as his father barely held on to his job collecting nickels from pay phones. His parents were Democrats by default. "If you lived in Chicago in the '30s, you were a Democrat," says longtime friend Philip Corboy. The stronger influence in Hyde's life was Catholicism. Coaxed by his mother, he attended St. George, a Catholic high school run by the Christian Brothers, who, Hyde says, "did not eschew corporal...
This year, all FAS courses came online with default Web sites, which professors can configure to meet their specifications...
After a spectacular devaluation and default, what's a country to do? The answer from Russia's new central banker, VIKTOR GERASHCHENKO, is to print money, and lots of it. Printing presses are said to have been rolling for days, cranking out billions of nearly worthless rubles. Just how many have been printed is a state secret, but BORIS NEMTSOV, the 38-year-old (recently retired) Deputy Prime Minister, puts the figure at "between 9 billion and 12 billion rubles" (some $600 million to $800 million). Officially, the central bank only admits to printing "less than 1 billion" rubles...
After a spectacular devaluation and default, what's a country to do? The answer from Russia's new central banker, Viktor Geraschenko, is to print money, and lots of it. Printing presses are said to have been rolling for days, cranking out billions of nearly worthless rubles. Just how many have been printed is a state secret, but Boris Nemtsov, the 38-year-old (recently retired) deputy prime minister, puts the figure at "between 9 billion and 12 billion rubles" (some $600 million to $800 million). Officially, the central bank only admits to printing "less than 1 billion" rubles...