Despite celebrations of de-escalations and truce in US equity markets (by asset-gathering commission-takers), the situation continues to go from bad to worse in the nation almost forgotten now that ISIS is stealing American headlines. The Hryvnia plunged 7.5% this morning - its biggest single-day drop on record - following the release of a scathing IMF letter and devaluation warnings from BofA. The IMF blasted Ukraine's "premature emission of extra money," and demanded it "immediately halt these gross abuses," as BofA warns of risk of "10-20% devaluation" in the next year is high given reserves are at a "critical level."
UAH plunges 7.5% to record lows this morning...
As far as the truce is concerned, we leave it to Bloomberg's Richard Breslow to explain the idiocy...
Complete story at - Ukraine Currency Crashes To Record Low As IMF Blasts "Gross Abuses" | Zero Hedge
UAH plunges 7.5% to record lows this morning...
As far as the truce is concerned, we leave it to Bloomberg's Richard Breslow to explain the idiocy...
For a truce that people keep celebrating -- the 11th day -- there seem to be a lot of people still dying, troops moving around, still questions about more sanctions, ultimate effects on Russia eco, the local markets look quite ill.
Russia itself has put out dire f/casts, growth down 3%-4% and recession;
RUB made yet another all-time low, seems to have quieted, Micex is up, hryvnia getting pole-axed
Complete story at - Ukraine Currency Crashes To Record Low As IMF Blasts "Gross Abuses" | Zero Hedge
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