The ultimate arbiter of a sovereign default is an open question but markets may have the final word.
Sanctions have isolated the country financially, driven down the value of the ruble and cut off Moscow’s access to about half its foreign currency reserves.
Citing sanctions, the Russian government warned it might pay foreign debt obligations in rubles. Credit rating agencies say a default is imminent.
Fitch’s announcement spells out a reality already accepted by investors: The company can’t pay its bills and is being restructured under Beijing’s eye.
A new project aims to incorporate the cost of lawsuit settlements and inequality when rating municipal bonds.
Debt-financing public education has not only failed to provide schools with sufficient funds. It has also imposed long-term costs.
With dozens of countries struggling to manage both staggering debt and mounting climate disasters, some financial leaders are debating green debt relief.
The clamor for corporate funding is raising concerns about a financial reckoning reminiscent of 2008.