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For the first time in over a 100  years, Putin led Russia has defaulted on paying its debt to foriegn lenders as the war with Ukraine continues and payment routes continue to be sealed off due to sanctions. Russia despite a 30-day grace period defaulted in repaying $100 million of snared interest payments. Russia calls any default artificial because it has the money to pay its debts but says sanctions have frozen its foreign currency reserves held abroad.
“There is money and there is also the readiness to pay," Russian Finance Minister Anton Siluanov said last month. “This situation, artificially created by an unfriendly country, will not have any effect on Russians’ quality of life.”The Kremlin continues to press the point of having the ability to make the payment in Rubles, something the creditors were unaccepting of, 'forcing' a foreign debt default for the first time since 1918. Russia owes about $40 billion in foreign bonds, about half of that to foreigners. Before the start of the war, Russia had around $640 billion in foreign currency and gold reserves, much of which was held overseas and is now frozen.Russia has faced economic crisis before but even then the default was local not overseas. During Russia’s financial crisis and ruble collapse of 1998, President Boris Yeltsin’s government defaulted on $40 billion of its local debt.

Explained: Russia defaults on foreign debt for the first time since 1918

For  the first time in over a 100 years, Russia defaults on foreign debt but the Kremlin calls it a farce, here is why. 

A first for Moscow since the since the 1917 Bolshevik Revolution

For the first time in over 100&nbsp; years, Putin-led Russia has defaulted on paying its debt to foreign lenders as the war with Ukraine continues and payment routes continue to be sealed off due to sanctions. Russia despite a 30-day grace period defaulted in repaying $100 million of snared interest payments.&nbsp;
Also read/watch| <a title="Gaming and gambling same - GST council likely to slap 28% tax: reports" href="https://www.editorji.com/business-news/gaming-and-gambling-same-gst-council-likely-to-slap-28-tax-reports-1656296267507">Gaming and gambling same - GST council likely to slap 28% tax: reports</a> Russia calls any default artificial because it has the money to pay its debts but says sanctions have frozen its foreign currency reserves held abroad.
&ldquo;There is money and there is also the readiness to pay," Russian Finance Minister Anton Siluanov said last month. &ldquo;This situation, artificially created by an unfriendly country, will not have any effect on Russians&rsquo; quality of life.&rdquo; The Kremlin continues to press the point of having the ability to make the payment in Rubles, something the creditors were unaccepting of, 'forcing' a foreign debt default for the first time since 1918.&nbsp; Russia owes about $40 billion in foreign bonds, about half of that to foreigners. Before the start of the war, Russia had around $640 billion in foreign currency and gold reserves, much of which was held overseas and is now frozen. Russia has faced economic crisis before but even then the default was local not overseas. During Russia&rsquo;s financial crisis and ruble collapse of 1998, President Boris Yeltsin&rsquo;s government defaulted on $40 billion of its local debt.

Sri Lanka is facing its worst economic crisis with the nation crippling under pressure with no exit in sight. Inflation is skyrocketing, Government finances are faltering and the island nation is going dark.  But this economic pandemonium did not come overnight and can't be pin pointed only to the pandemic alone. The nation has faced multiple shocks over the past 5 years   2017 drought: The nation surrounded by ocean faced it’s worse drinking water crisis in four decades as rainfall shortage led to draining of reservoirs leading to a 40% drop in crop production and leaving some 900,000 people facing food insecurity, 2018 political crisis: The President unseated the Prime Minister to elevate Mahinda Rajapaksa without any due process throwing the nation into a constitutional crisis.  2019 terrorist attack: The nation was rocked on easter weekend when bombers targeted three churches and three hotels, killing 267 people, and injuring about 500 people The triple whammy already had our neighbour in a vulnerable state , then the pandemic struck almost like the straw of hay that was ready to break the camel’s back.. The covid crisis paralyzed Sri Lanka’s largest industry – tourism which usually contributes more than 10% of GDP. More than 200,000 people lost their livelihoods and half a million people sunk into poverty.   But covid was not alone to blame, arbitrary policies by Mahinda Rajapaksa Prime Minister of Sri Lanka added pressure to an already collapsing economy. Rajapaksa sudden decision to ban all fertiliser and pesticides and force farmers to go organic without warning brought a formerly prosperous agricultural community to its knees and led to acute food shortage. Prices of fruits and vegetables almost doubled and inflation soared to an unthinkable 30 percent.  The govt could have stepped in and saved the day but it had no money, Rajapaksa traded in revenue for popularity in 2019 as he raised tax free income from 5 lakh to 30 lakhs and simultaneously cut state tax obligations by half. So already the coffers of the Lankan govt were depleting.   Then the Russia Ukraine war struck and the final blow came from crude oil prices. Fuel costs started to sky rocket and with it Sri Lanka’s foreign reserves started to vanish. Down 70% Rajapaksa’s dollar wallet has dwindled down to $2 billion   With no money for fuel the island nation went dark literally, with 10 hour power cuts, it faces its worst blackouts in 26 years.   Senior citizens have died waiting in mile long lines for fuel as cooking gas prices have become unviable jumping almost 50% and many moving back to cheaper fossil fuel   Rajpaksa who has close ties to China took on more loans from Beijing adding to it’s debt problem. Sri Lanka already has over $5 bn debt from China and the payments are coming knocking now.  In the past Sri Lanka has offered to pay Iran with tea for it’s oil but it will take much more than a tea party to solve Sri Lanka’s severe bebt crisis .   

Sri Lanka sinking| The debt crisis, causes and consequences 

Sri Lanka is facing its worst economic crisis with the nation crippling under pressure with no exit in sight. Inflation is skyrocketing, (use image of people standing in line for fuel) Government finances are faltering (shot of rajpaksa&nbsp;looking worried) and the island nation is going dark.&nbsp; (use image from the blackout from AFP/AP/Stolen) But this economic pandemonium&nbsp;did not come overnight (Use wth&nbsp;NAT sounds the protest slogans)
and can't be pin pointed only to the pandemic alone. The nation has faced multiple shocks over the past 5 years &nbsp; (use one by one images of Drought, Flashflood, Rajpakse becoming prime minister, terrorist attack, and a close for business/covid sign) &nbsp; 2017 drought: The nation surrounded by ocean faced it&rsquo;s worse drinking water crisis in four decades as rainfall shortage led to draining of reservoirs leading to a 40% drop in crop production and leaving some 900,000 people facing food insecurity (One main emphatic droup&nbsp;image - in black/white aarow down 40%)&nbsp; 2018 political crisis: The President unseated the Prime Minister to elevate Mahinda Rajapaksa without any due process throwing the nation into a constitutional crisis.&nbsp; &nbsp; 2019 terrorist attack: The nation was rocked on easter weekend when bombers targeted three churches and three hotels, killing 267 people, and injuring about 500 people &nbsp; The triple whammy already had our neighbour in a vulnerable state , then the pandemic struck almost like the straw of hay that was ready to break&nbsp;the camel&rsquo;s back (Can we have images of Sri&nbsp;Lanka&nbsp;flag) The covid crisis paralyzed Sri Lanka&rsquo;s largest industry &ndash; tourism which usually contributes more than 10% of GDP. More than 200,000 people lost their livelihoods and half a million people sunk into poverty. &nbsp; (Agony people shots) &nbsp; But covid was not alone to blame, arbitrary policies by Mahinda Rajapaksa Prime Minister of Sri Lanka added pressure to an already collapsing economy. &nbsp; Rajapaksa sudden decision&nbsp;to ban all fertiliser and pesticides and force farmers to go organic without warning brought a formerly prosperous agricultural community to its knees and led to acute food shortage. (banned stamp on a field with a cut out of Rajpaksa&nbsp;on side) Prices of fruits and vegetables almost doubled and inflation soared to an unthinkable 30 percent.&nbsp; &nbsp; The govt could have stepped in and saved the day but it had no money, Rajapaksa traded in revenue for popularity in 2019 as he raised tax free income from 5 lakh to 30 lakhs and simultaneously cut state tax obligations by half. So already the coffers of the Lankan govt were depleting. &nbsp; &nbsp; Then the Russia Ukraine war struck and the final blow came from crude oil prices. Fuel costs started to sky rocket and with it Sri Lanka&rsquo;s&nbsp;foreign reserves&nbsp;started to vanish. Down 70%,&nbsp;Rajapaksa&rsquo;s dollar wallet has dwindled to $2 billion &nbsp; &nbsp; With no money for fuel the island nation went dark literally, with 10 hour power cuts, it faces its worst blackouts in 26 years. &nbsp; &nbsp; Senior citizens have died waiting in mile long lines for fuel as cooking gas prices have become unviable jumping almost 50% and many moving back to cheaper fossil fuel &nbsp; &nbsp; Rajpaksa who has close ties to China took on more loans from Beijing adding to it&rsquo;s debt problem. Sri Lanka already has over $5 bn debt from China&nbsp;and the payments are coming knocking now. &nbsp; In the past Sri Lanka has offered to pay Iran with tea for it&rsquo;s oil but it will take much more than a tea party to solve Sri Lanka&rsquo;s severe debt crisis .&nbsp;

Sri Lanka is facing its worst economic crisis with the nation crippling under pressure with no exit in sight. Inflation is skyrocketing, Government finances are faltering and the island nation is going dark.&nbsp; &nbsp; But this economic pandemonium&nbsp;did not come overnight and can't be pin pointed only to the pandemic alone. The nation has faced multiple shocks over the past 5 years &nbsp; &nbsp; 2017 drought: The nation surrounded by ocean faced it&rsquo;s worse drinking water crisis in four decades as rainfall shortage led to draining of reservoirs leading to a 40% drop in crop production and leaving some 900,000 people facing food insecurity, &nbsp; 2018 political crisis: The President unseated the Prime Minister to elevate Mahinda Rajapaksa without any due process throwing the nation into a constitutional crisis.&nbsp; &nbsp; 2019 terrorist attack: The nation was rocked on easter weekend when bombers targeted three churches and three hotels, killing 267 people, and injuring about 500 people &nbsp; The triple whammy already had our neighbour in a vulnerable state , then the pandemic struck almost like the straw of hay that was ready to break&nbsp;the camel&rsquo;s back.. The covid crisis paralyzed Sri Lanka&rsquo;s largest industry &ndash; tourism which usually contributes more than 10% of GDP. More than 200,000 people lost their livelihoods and half a million people sunk into poverty. &nbsp; &nbsp; But covid was not alone to blame, arbitrary policies by Mahinda Rajapaksa Prime Minister of Sri Lanka added pressure to an already collapsing economy. &nbsp; Rajapaksa sudden decision&nbsp;to ban all fertiliser and pesticides and force farmers to go organic without warning brought a formerly prosperous agricultural community to its knees and led to acute food shortage. Prices of fruits and vegetables almost doubled and inflation soared to an unthinkable 30 percent.&nbsp; &nbsp; The govt could have stepped in and saved the day but it had no money, Rajapaksa traded in revenue for popularity in 2019 as he raised tax free income from 5 lakh to 30 lakhs and simultaneously cut state tax obligations by half. So already the coffers of the Lankan govt were depleting. &nbsp; &nbsp; Then the Russia Ukraine war struck and the final blow came from crude oil prices. Fuel costs started to sky rocket and with it Sri Lanka&rsquo;s&nbsp;foreign reserves&nbsp;started to vanish. Down 70% Rajapaksa&rsquo;s dollar wallet has dwindled down to $2 billion &nbsp; &nbsp; With no money for fuel the island nation went dark literally, with 10 hour power cuts, it faces its worst blackouts in 26 years. &nbsp; &nbsp; Senior citizens have died waiting in mile long lines for fuel as cooking gas prices have become unviable jumping almost 50% and many moving back to cheaper fossil fuel &nbsp; &nbsp; Rajpaksa who has close ties to China took on more loans from Beijing adding to it&rsquo;s debt problem. Sri Lanka already has over $5 bn debt from China&nbsp;and the payments are coming knocking now. &nbsp; In the past Sri Lanka has offered to pay Iran with tea for it&rsquo;s oil but it will take much more than a tea party to solve Sri Lanka&rsquo;s severe bebt crisis .&nbsp; &nbsp; &nbsp;

Kumar Mangalam Birla hung up his boots as&nbsp;Non-Executive Director and Non-Executive Chairman of the board of Vodafone&nbsp;Idea with immediate effect.&nbsp;The move comes just days after a letter was made public where KM Birla&nbsp;expressed his anguish at the current debt overhang on the company due to regulatory charges. Vodafone&nbsp;Idea currently has an outstanding debt of over Rs 1.5 lakh&nbsp;crores.&nbsp;Aditya Birla group Chairman Kumar Mangalam Birla, who holds around 27 per cent stake in Vodafone Idea, had expressed a desire&nbsp;to hand over his stake in the debt-laden Vodafone Idea to the government or any other entity chosen by the centre.&nbsp;According to official data, Vodafone&nbsp;Idea&nbsp;had an AGR liability of Rs 58,254 crore out of which the company has paid Rs 7,854.37 crore and Rs 50,399.63 crore is outstanding.&nbsp;With Tueday's fall, the stock of the telecom services provider has tanked 26 per cent in two days wiping out Rs 2700 cr in marketcap.&nbsp;

Birla dials out as chief of Vodaofone Idea board, Will the telco hang up entirely? Stock down 40% in 4 days

Birla dials out of Vodaofone Idea board, Will the telco hang up entirely? Stock down 40% in 4 days

Birla Hangs Up| Why did KM Birla disconnect from his VI board seat

<ul>
<li>KM Birla steps down from the board of Vodafone Idea</li>
<li>KM Birla&nbsp;steps down from VI board with immediate effect</li>
<li>Birla&nbsp;wrote to the govt in June willing to offer his stake in VI</li>
<li>Birla&nbsp;expressed anguish over regulatory charges on VI</li>
<li>VI total debt exceeds Rs 1.5 lakh crore</li>
</ul>

KM Birla steps&nbsp;down as non-exec chairman of Voda Idea, Vodafone has lost Rs 2700 cr in marketcap in 2 sessions.&nbsp;

Kumar Mangalam Birla hung up his boots as&nbsp;Non-Executive Director and Non-Executive Chairman of the board of Vodafone&nbsp;Idea with immediate effect.&nbsp; The move comes just days after a letter was made public where KM Birla&nbsp;expressed his anguish at the current debt overhang on the company due to regulatory charges. Vodafone&nbsp;Idea currently has an outstanding debt of over Rs 1.5 lakh&nbsp;crores.&nbsp;Aditya Birla group Chairman Kumar Mangalam Birla, who holds around 27 per cent stake in Vodafone Idea, had expressed a desire&nbsp;to hand over his stake in the debt-laden Vodafone Idea to the government or any other entity chosen by the centre.&nbsp; According to official data, Vodafone&nbsp;Idea&nbsp;had an AGR liability of Rs 58,254 crore out of which the company has paid Rs 7,854.37 crore and Rs 50,399.63 crore is outstanding.&nbsp; With Tueday's fall, the stock of the telecom services provider has tanked 26 per cent in two days wiping out Rs 2700 cr in marketcap.&nbsp;

Some relief on the cards for Kishore&nbsp;Biyani's&nbsp;Future Retail&nbsp;even as the legal tussle with Amazon continues to halt sale to Reliance. Reports indicate&nbsp;Future Retails&rsquo;&nbsp;lenders may give a 2 year relief on loan&nbsp;repayments.Bankers lending to&nbsp;Future Retail&nbsp;approve a debt recast plan for the company by the end of this month and is likely to include a&nbsp;two-year moratorium on repayments but keep interest rate being charged the same.&nbsp;Lenders are considering all options to recover more than $2.5 billion in loans owed by Biyani&nbsp;backed Future group as the sale to Reliance remains in a limbo.&nbsp;

Cash strapped Biyani may get relief on loan repayments for Future Retail as Reliance deal in limbo

Some relief on the cards for Kishore&nbsp;Biyani's&nbsp;Future Retail&nbsp;even as the legal tussle with Amazon continues to halt sale to Reliance. Reports indicate&nbsp;Future Retails&rsquo;&nbsp;lenders may give a 2 year relief on loan&nbsp;repayments. Bankers lending to&nbsp;Future Retail&nbsp;approve a debt recast plan for the company by the end of this month and is likely to include a&nbsp;two-year moratorium on repayments but keep interest rate being charged the same.&nbsp; Lenders are considering all options to recover more than $2.5 billion in loans owed by Biyani&nbsp;backed Future group as the sale to Reliance remains in a limbo.&nbsp;

Cash strapped Biyani may get relief on loan repayments for Future Retail

<ul>
<li>Lenders looking to give 2 year relief to Future Retail&nbsp;</li>
<li>Lenders lare reviewing debt recast plan for Biyani's Future Retail</li>
<li>Lenders may agree to halt repayment for 2 years</li>
<li>Future Retail owes $2.5 billion to creditors</li>
<li>Lenders worry as sale deal with Reliance hangs in legal limbo&nbsp;</li>
</ul>

Some relief on the cards for Kishore&nbsp;Biyani's&nbsp;Future Retail&nbsp;even as the legal tussle with Amazon continues to halt sale to Reliance. Reports indicate&nbsp;Future Retails&rsquo;&nbsp;lenders may give a 2 year relief on loan&nbsp;repayments. Bankers lending to&nbsp;Future Retail&nbsp;approve a debt recast plan for the company by the end of this month and is likely to include a&nbsp;two-year moratorium on repayments but keep interest rate being charged the same.&nbsp; Lenders are considering all options to recover more than $2.5 billion in loans owed by Biyani&nbsp;backed Future group as the sale to Reliance remains in a limbo.&nbsp;

Rising yields is giving traders an unpleasant&nbsp;d&eacute;j&agrave; vu of the 2013 &lsquo;taper tantrum&rsquo; where markets sold off aggressively as the money markets signaled the end of cheap money.&nbsp;Even though the surge is not as dramatic as 8 years ago it is enough to send equities into a tizzy.&nbsp;&nbsp;So why&nbsp;do stock markets get rattled by rising bond yields.&nbsp;&nbsp;
Firstly,&nbsp;Rise in yields indicate the money markets betting on the possibility of higher rates by the central bank&nbsp;as inflation bets rise. In the US its mostly due to improving economic data and traders worried the fed will shift low rates stance earlier than anticipated.&nbsp;Prices in India have been subdued so far but with sharp rises in fuel prices the RBI has also sounded off the concern on inflationary pressure.&nbsp;&nbsp;
Secondly,&nbsp;Investors also reassess portfolio allocations are yields&nbsp;rise,&nbsp;betting more on cheaper safer bond markets as returns become more attractive.&nbsp;&nbsp;
Finally, the cost&nbsp;of capital&nbsp;also rises significantly with rising yields and the debt pressure on the corporate sector enlarges in turn adding pressure on to the stock.&nbsp;&nbsp;

Quick Take: Why rising yields are rattling the market 

Rising yields is giving traders an unpleasant&nbsp;d&eacute;j&agrave; vu of the 2013 &lsquo;taper tantrum&rsquo; where markets sold off aggressively as the money markets signaled the end of cheap money.&nbsp;Even though the surge is not as dramatic as 8 years ago it is enough to send equities into a tizzy.&nbsp;&nbsp; So why&nbsp;do stock markets get rattled by rising bond yields.&nbsp;&nbsp;
 Firstly,&nbsp;Rise in yields indicate the money markets betting on the possibility of higher rates by the central bank&nbsp;as inflation bets rise. In the US its mostly due to improving economic data and traders worried the fed will shift low rates stance earlier than anticipated.&nbsp;Prices in India have been subdued so far but with sharp rises in fuel prices the RBI has also sounded off the concern on inflationary pressure.&nbsp;&nbsp;
Secondly,&nbsp;Investors also reassess portfolio allocations are yields&nbsp;rise,&nbsp;betting more on cheaper safer bond markets as returns become more attractive.&nbsp;&nbsp;
Finally, the cost&nbsp;of capital&nbsp;also rises significantly with rising yields and the debt pressure on the corporate sector enlarges in turn adding pressure on to the stock.&nbsp;&nbsp;

Rising yields is giving traders an unpleasant&nbsp;d&eacute;j&agrave; vu of the 2013 &lsquo;taper tantrum&rsquo; where markets sold off aggressively as the money markets signaled the end of cheap money.&nbsp;Even though the surge is not as dramatic as 8 years ago it is enough to send equities into a tizzy.&nbsp;&nbsp;
 So why&nbsp;do stock markets get rattled by rising bond yields.&nbsp;&nbsp;
 Firstly,&nbsp;Rise in yields indicate the money markets betting on the possibility of higher rates by the central bank&nbsp;as inflation bets rise. In the US its mostly due to improving economic data and traders worried the fed will shift low rates stance earlier than anticipated.&nbsp;Prices in India have been subdued so far but with sharp rises in fuel prices the RBI has also sounded off the concern on inflationary pressure.&nbsp;&nbsp;
Secondly,&nbsp;Investors also reassess portfolio allocations are yields&nbsp;rise,&nbsp;betting more on cheaper safer bond markets as returns become more attractive.&nbsp;&nbsp;
Finally, the cost&nbsp;of capital&nbsp;also rises significantly with rising yields and the debt pressure on the corporate sector enlarges in turn adding pressure on to the stock.&nbsp;&nbsp;

Rising yields is giving traders an unpleasant&nbsp;d&eacute;j&agrave; vu of the 2013 &lsquo;taper tantrum&rsquo; where markets sold off aggressively as the money markets signaled the end of cheap money.&nbsp;Even though the surge is not as dramatic as 8 years ago it is enough to send equities into a tizzy. So why&nbsp;do markets get rattled by rising bond yields?
 Firstly,&nbsp;Rise in yields indicate the money markets betting on the possibility of higher rates by the central bank&nbsp;as inflation bets rise. In the US its mostly due to improving economic data and traders worried the fed will shift low rates stance earlier than anticipated.&nbsp;Prices in India have been subdued so far but with sharp rises in fuel prices the RBI has also sounded off the concern on inflationary pressure.&nbsp;&nbsp;
Secondly,&nbsp;Investors also reassess portfolio allocations are yields&nbsp;rise,&nbsp;betting more on cheaper safer bond markets as returns become more attractive.&nbsp;&nbsp;
Finally, the cost&nbsp;of capital&nbsp;also rises significantly with rising yields and the debt pressure on the corporate sector enlarges in turn adding pressure on to the stock.&nbsp;&nbsp;

debt

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