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Old 09-17-2008, 03:34 AM   #1
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Default Doom and Gloom of the day: Russian stock market crashes, trading suspended.

Yay... we're taking the whole world economy down with us!

http://www.ft.com/cms/s/0/6ff9306c-8...nclick_check=1

Russia to take anti-crisis steps on markets in days
By Catherine Belton and Charles Clover in Moscow, Rachel Morarjee in London and Reuters

Russia’s government sees signs of a crisis in the financial markets and will unveil measures aimed at stabilising the situation in the next two to three days, a high-level government source said on Wednesday.

“Certain signs of a crisis are seen on the market but they are mostly emotional,” the source who asked not to be named told the Reuters news agency.

Traders at Micex, where early trading was suspended temporarily as investors ignored assurances by Russian officials

There is still strong allure in emerging market equities - Sep-03“The measures which were agreed yesterday at a meeting chaired by First Deputy Prime Minister Igor Shuvalov will be made public within two or three days,” he added.

Russian shares suffered their steepest one-day fall in more than a decade on Tuesday, losing up to 20 per cent, as a sharp slide in oil prices and difficult money market conditions triggered a rush to sell.

The heads of the Russian central bank, the finance ministry and the financial market regulator met on Tuesday night for an emergency discussion on ways to halt the crisis.

Earlier, trading had been suspended on both the Micex and RTS stock exchanges as investors ignored assurances by Russian officials and a cycle of distrust set in amid liquidity fears.

Margin calls forced domestic traders to liquidate positions and brokers pulled credit lines. At least one Moscow bank failed to meet payments.

The rouble-denominated Micex Index closed 17.75 per cent down, the sharpest one-day drop since the August 1998 financial crisis, while the dollar-denominated RTS index closed down 11.47 per cent, its lowest lvel since January 2006.

Interbank money market rates climbed to 11 per cent, their highest since a mini-banking crisis in summer 2004.

Chris Weafer, chief strategist at Uralsib investment bank: “We’re in completely uncharted territory where the prevailing emotion is of fear and numbnes. No one knows where this could stop”.

Alexei Kudrin, finance minister, insisted that the financial system was not in a systemic crisis but the central bank injected a record $14.16bn in one-day funds into the money market.

The finance ministry also placed an additional R150bn ($5.8bn) in one-month deposits into the banking system. Konstantin Korishchenko, central bank deputy, told Russian news agencies that the bank and the finance ministry could provide a total of $117.6bn in liquidity to the banking sector.

But market players said banks were ceasing to lend to second and third-tier companies and brokers were pulling credit lines. KIT Finance, big Moscow investment house confirmed rumours that it had been unable to make payment on a series of short-term loans.

It said: “In connection with the fact that a series of our clients did not meet their obligations to our bank, we have not met our obligations to our counterparties.

“We recognise our responsibility to our counter-parties and to the market and we are working intensively to resolve the situation.”

Andrei Sharonov, managing director of Troika Dialog, a Moscow investment bank, and a former deputy economic minister, said: “This is a vicious circle,” said , .

“It is a situation of total mistrust. The liquidity crisis is being caused by a crisis of confidence in which people are frightened to borrow and frightened to lend.”

Shares in Russia’s biggest state-controlled banks led the slide with Sberbank, the state-controlled savings bank, closing 21.72 per cent down and VTB losing 29.26 per cent. The bank was suffered on investor fears about its securities portfolio, which makes up about 10 per cent of its assets.


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Old 09-17-2008, 03:38 AM   #2
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it's the party heard round the world. The credit crisis doesn't affect just us, it affects every industrialized nation in the world.
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Old 09-17-2008, 04:01 AM   #3
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You know, if Russia's economy collapses Russian guns and ammo will get even cheaper!
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Old 09-17-2008, 04:04 AM   #4
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In Soviet Russia, Ruble spends you!
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Old 09-17-2008, 04:06 AM   #5
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In Soviet Russia, Ruble spends you!
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Old 09-17-2008, 04:07 AM   #6
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Old 09-17-2008, 04:47 AM   #7
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Karma?
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Old 09-17-2008, 04:57 AM   #8
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Old 09-17-2008, 05:03 AM   #9
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I like how he bolded everything.


Also.



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Old 09-17-2008, 05:31 AM   #10
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Quote:
Originally Posted by HndaTch627 View Post
it's the party heard round the world. The credit crisis doesn't affect just us, it affects every industrialized nation in the world.
as long as we recover first
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Old 09-17-2008, 09:57 AM   #11
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Russia is basically a banana republic ... never should have been added to the G7.
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Old 09-17-2008, 10:03 AM   #12
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Quote:
Originally Posted by Mike Wevrick View Post
Russia is basically a banana republic ... never should have been added to the G7.
Truth. I doubt the Russian stock market taking a dump will affect the world markets much. Although these days one never knows.

About the only important thing traded on thier market is the Russian energy companies, and those are mostly state owned anyway.
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Old 09-17-2008, 10:41 AM   #13
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That'll teach them not to invade other counties.
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Old 09-17-2008, 10:50 AM   #14
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Quote:
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That'll teach them not to invade other counties.
Who? The USA?
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Old 09-17-2008, 10:51 AM   #15
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Quote:
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Who? The USA?

^



russia
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Old 09-17-2008, 10:54 AM   #16
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Quote:
Originally Posted by dmpi View Post
That'll teach them not to invade other counties.
Them Duke boys will kick them out of Hazzard county!!

[img]4x4 unamused![/img]

Last edited by SQUAD_907; 09-17-2008 at 11:15 AM.
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Old 09-17-2008, 10:58 AM   #17
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damn, dude, got a big enough pic?
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Old 09-17-2008, 11:03 AM   #18
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Never hope for a country with a large military to go into economic crisis. Bad news....
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Old 09-17-2008, 11:04 AM   #19
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Ib4ban
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Old 09-17-2008, 11:05 AM   #20
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Quote:
Originally Posted by Mike Wevrick View Post
Russia is basically a banana republic ... never should have been added to the G7.
But their bananas are worth a lot to many people in the world. Russia is not only a huge consumer of foreign made products but the ties they have forged with Europe economically over the last decade means they are more tied into the global economy then ever. We all know that without oil they would be nothing, but they have the oil so they get to sit at the table with the big boys. You know who this won't effect..the average Russian citizen who knows nothing about 'investments' and is lucky to even have a bank account. Russia is a prime example of a modern Oligarchy and only those on top have a place to fall.

One good thing about all this is that maybe if their economy tanks bad enough they will have second thoughts about pursuing WWIII...
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Old 09-17-2008, 11:06 AM   #21
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It took me 7 wheel-scrolls to get through that picture. Enjoy your points!
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Old 09-17-2008, 11:07 AM   #22
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More likely, they WILL pursue WWIII. History much?

Quote:
Originally Posted by ZMANNH25rs View Post
But their bananas are worth a lot to many people in the world. Russia is not only a huge consumer of foreign made products but the ties they have forged with Europe economically over the last decade means they are more tied into the global economy then ever. We all know that without oil they would be nothing, but they have the oil so they get to sit at the table with the big boys. You know who this won't effect..the average Russian citizen who knows nothing about 'investments' and is lucky to even have a bank account. Russia is a prime example of a modern Oligarchy and only those on top have a place to fall.

One good thing about all this is that maybe if their economy tanks bad enough they will have second thoughts about pursuing WWIII...
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Old 09-17-2008, 11:26 AM   #23
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More likely, they WILL pursue WWIII. History much?
It's a different time now. Russia would be cut-off from the people who pay them for the oil and they are no longer an autonomous Empire who could finance and profit from a war. Their is nothing to gain for them to move towards war...
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Old 09-17-2008, 11:39 AM   #24
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Quote:
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It took me 7 wheel-scrolls to get through that picture. Enjoy your points!
I hope you didn't sprain anything.
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Old 09-17-2008, 12:36 PM   #25
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Great Depression!!!!!!!!!!!!
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