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Updated June 13, 2011:

Comparisons to the situation in Athens to the one that clobbered Russia in 1998:

"Greece’s financial meltdown sounds all too familiar to Russia’s experience in 1998. Yet differences between the two show how far Moscow has come in 12 years.

...18 months ago, this new crisis looks a lot like the run up to Russia’s 1998 financial crisis; that one was bad for Russia but had a very short-lived impact on the rest of the world. This time around, rather than being infected by a potential Greek collapse, Russia is on the other side of the fence as one of the strong countries. This will be little more than a bump on the path that leads back to strong growth.

...“The Greek situation is evolving along the lines of Russia’s 1998 economic crisis; indeed, the fiscal parameters of Greece’s situation are worse than that, but they also have a greater political imperative of financial aid from the Eurozone playing to their benefit, at least for now,” Wiktor Bielski, an analyst with VTB Capital said. “And the endgame might be very similar, i.e. an eventual default on Greece’s sovereign debt triggered by the country’s inability to meet the conditionality attached to the package. That said, the experience of the 1998 Russian crisis suggests that the contagion from such a credit event, while significant, would be short-lived."

Article at, by Ben Aris from Russia Now.

June 20, 2010

Russia to Greece: Go ahead and do a 'mini-default'

News report by Stuart WIlliams at AFP via

"Russia on Saturday bluntly dissented from Europe's insistence that Greece should avoid default, saying the country will require a restructuring of debts by creditors.

Finance Minister Alexei Kudrin said such a move would be acceptable for the market and insisted it would be wrong to describe the restructuring as a full-scale default by the embattled government in Athens.

"I would allow for a restructuring of Greece's debt, which will be unpleasant," Kudrin told a session of the annual Saint Petersburg economic forum.

"You could call it a mini-default, but I would not say it is a default in the full sense of the word. It will be something more complicated," he said.

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