美国国家公共电台 NPR--What's happening with Russia's 1st default on foreign debt in a century

What's happening with Russia's 1st default on foreign debt in a century

Transcript¹

Russia appears to have defaulted on its international debt for the first time in over a century, after Western sanctions made the country's efforts to pay its overseas creditors² impossible.

Here's what happened

Like any country, Russia sold bonds to investors³ abroad and at home to support its economy, promising⁴ to pay interest in euros and dollars. But after Russia invaded Ukraine in February, the United States and Europe pushed to weaken the Russian war chest, freezing the country's access to foreign currency assets held overseas.

This put Russia on default watch as early as the spring. But Moscow kept paying its debts from currency reserves at home. In May, however, the U.S. Treasury⁵ blocked even those transfers to American investors.

With that, two Russian interest payments — worth about $100 million combined — got stuck after Russia transferred them out of its coffers in May. On Sunday night, the clock ran out on a grace period for these payments, and several reports say bondholders have not received this money, meaning a default.

However, an official declaration of default is unlikely. Major credit ratings agencies, which might typically declare, face sanctions barring them from Russian business. And investors themselves may prefer to stay out of the limelight as they sort out how they might get at least part of their money back.

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Russia rejects this as artificially made by Western sanctions

The Kremlin on Monday called any default label unlawful, because the country does have the money and has been trying to pay. The latest workaround attempt involved Russia transferring rubles through its unsanctioned banks and inviting⁶ creditors to convert the money into euros or dollars.

Russian Finance Minister Anton Siluanov has said for weeks that any default declaration would be artificial and manufactured by the West, because Russia had made the payment transfers before they were due, and it was up to the bondholders to claim their money.

Politically, any default chaos⁷ would play into President Vladimir Putin's frequent argument at home: that Western sanctions are less about his actions in Ukraine and more about inflicting⁸ misery⁹ on the Russian people by any means necessary.

The U.S. and Europe, for their part, argue Russia fully¹⁰ controls its financial fate by refusing to stop its war in Ukraine.

In practical terms, little impact is expected immediately

Russia last defaulted on its international debt in 1918, following the Bolshevik Revolution. In 1998, Russia defaulted on ruble-denominated bonds, which roiled¹¹ global markets on edge from the Asian financial crisis.

But now, Russia already faces most punishments that might befall an economy in default. Marquee businesses like McDonald's, Starbucks and Nike have left. Its financial system is increasingly isolated¹². The ratings agencies have already downgraded it.

Still, Russia continues to rake in money for its oil and gas exports. And it has managed to artificially prop¹³ up the ruble to the strongest level in seven years. Some creditors, whose bonds face a default, might eventually sue Russia to get their money, but that process would be quite messy and would likely take years.

Ukraine invasion — explained

Ukraine invasion — explained: in-depth coverage¹⁴

Will the default chip away at Russia's standing¹⁵ with still-friendly countries? Will Russia be able to borrow on the international market going forward? Will it need to, given its energy revenues? Or will sanctions eventually deplete¹⁶ its coffers and push its economy to unravel¹⁷?

These are some of the long-term questions, as investors decide whether they see default as Russia being cornered or further burning its own bridges with the world.

1 transcript   

n.抄本，誊本，副本，肄业证书

参考例句：

• A transcript of the tapes was presented as evidence in court.一份录音带的文字本作为证据被呈交法庭。
• They wouldn't let me have a transcript of the interview.他们拒绝给我一份采访的文字整理稿。

2 creditors   

n.债权人，债主( creditor的名词复数 )

参考例句：

• They agreed to repay their creditors over a period of three years. 他们同意3年内向债主还清欠款。 来自《简明英汉词典》
• Creditors could obtain a writ for the arrest of their debtors. 债权人可以获得逮捕债务人的令状。 来自《简明英汉词典》

3 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

4 promising   

adj.有希望的，有前途的

参考例句：

• The results of the experiments are very promising.实验的结果充满了希望。
• We're trying to bring along one or two promising young swimmers.我们正设法培养出一两名有前途的年轻游泳选手。

5 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

6 inviting   

adj.诱人的，引人注目的

参考例句：

• An inviting smell of coffee wafted into the room.一股诱人的咖啡香味飘进了房间。
• The kitchen smelled warm and inviting and blessedly familiar.这间厨房的味道温暖诱人，使人感到亲切温馨。

7 chaos   

n.混乱，无秩序

参考例句：

• After the failure of electricity supply the city was in chaos.停电后，城市一片混乱。
• The typhoon left chaos behind it.台风后一片混乱。

8 inflicting   

把…强加给，使承受，遭受( inflict的现在分词 )

参考例句：

• He was charged with maliciously inflicting grievous bodily harm. 他被控蓄意严重伤害他人身体。
• It's impossible to do research without inflicting some pain on animals. 搞研究不让动物遭点罪是不可能的。

9 misery   

n.痛苦，苦恼，苦难；悲惨的境遇，贫苦

参考例句：

• Business depression usually causes misery among the working class.商业不景气常使工薪阶层受苦。
• He has rescued me from the mire of misery.他把我从苦海里救了出来。

10 fully   

adv.完全地，全部地，彻底地；充分地

参考例句：

• The doctor asked me to breathe in,then to breathe out fully.医生让我先吸气，然后全部呼出。
• They soon became fully integrated into the local community.他们很快就完全融入了当地人的圈子。

11 roiled   

v.搅混（液体）( roil的过去式和过去分词 )；使烦恼；使不安；使生气

参考例句：

• American society is being roiled by the controversy over homosexual marriage. 当今美国社会正被有关同性恋婚姻的争论搞得不得安宁。 来自互联网
• In the past few months, instability has roiled Tibet and Tibetan-inhabited areas. 在过去的几个月里，西藏和藏人居住区不稳定。 来自互联网

12 isolated   

adj.与世隔绝的

参考例句：

• His bad behaviour was just an isolated incident. 他的不良行为只是个别事件。
• Patients with the disease should be isolated. 这种病的患者应予以隔离。

13 prop   

vt.支撑；n.支柱，支撑物；支持者，靠山

参考例句：

• A worker put a prop against the wall of the tunnel to keep it from falling.一名工人用东西支撑住隧道壁好使它不会倒塌。
• The government does not intend to prop up declining industries.政府无意扶持不景气的企业。

14 coverage   

n.报导，保险范围，保险额，范围，覆盖

参考例句：

• There's little coverage of foreign news in the newspaper.报纸上几乎没有国外新闻报道。
• This is an insurance policy with extensive coverage.这是一项承保范围广泛的保险。

15 standing   

n.持续，地位；adj.永久的，不动的，直立的，不流动的

参考例句：

• After the earthquake only a few houses were left standing.地震过后只有几幢房屋还立着。
• They're standing out against any change in the law.他们坚决反对对法律做任何修改。

16 deplete   

v.弄空，排除，减轻，减少...体液，放去...的血

参考例句：

• Most native mammal species have been severely depleted.大多数本地哺乳动物的数量都已经大大减少了。
• Elastic collisions deplete very little of the electron's energy.弹性碰撞中电子减少的能量非常少。

17 unravel   

v.弄清楚（秘密）；拆开，解开，松开

参考例句：

• He was good with his hands and could unravel a knot or untangle yarn that others wouldn't even attempt.他的手很灵巧，其他人甚至都不敢尝试的一些难解的绳结或缠在一起的纱线，他都能解开。
• This is the attitude that led him to unravel a mystery that long puzzled Chinese historians.正是这种态度使他解决了长期以来使中国历史学家们大惑不解的谜。