Russia tips into default... or does it?

The Indicator from Planet Money

NPR

Business

4.7 • 9.2K Ratings

🗓️ 20 April 2022

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

Russia is on the verge of doing something it hasn't done since 1918: Default on its foreign debt. Today, we explore what's happening, and why Russia and its creditors may be headed for a long, messy legal battle.

Transcript

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0:00.0	NPR.
0:12.2	This is the indicator from Planet Money.
0:13.9	I'm Whalen Wong.
0:14.9	And I'm Adrian Ma.
0:16.2	Adrian, let's say I loan you $100.
0:20.0	We agree that you'll pay me back that $100 in a month.
0:23.8	Okay.
0:24.8	Alright, I'll take that deal.
0:26.5	Now, let's say that month passes and you tell me, yes, sorry, I don't have the money
0:32.3	I can't pay you back.
0:33.8	Would you say that you're in default?
0:36.9	Mmm.
0:37.9	Yeah, okay.
0:38.9	I mean, that sounds pretty straightforward.
0:41.6	I didn't pay you back, so I'm in default.
0:44.2	Okay.
0:45.2	Now let's say that when you pay me back, you put $100 in a bank account and tell the bank,
0:50.8	please transfer this money to Whalen.
0:53.2	The bank refuses.
0:55.0	I don't get my money.
0:56.5	Would you say that you're in default?
0:58.5	Well, now I see, I don't know, because I tried to send you the money, but it's not my
	...

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