re: #885 aboo-Hoo-Hoo

Great, just friggin great…Russia’s been on a currency watch for last 2-to-3 weeks and the natives are extremely restless.

Something wicked comes this way.

Not just Russia, all the Eastern European currencies are in deep trouble.

Ambrose Evans-Pritchard:

The unfolding debt drama in Russia, Ukraine, and the EU states of Eastern Europe has reached acute danger point.

If mishandled by the world policy establishment, this debacle is big enough to shatter the fragile banking systems of Western Europe and set off round two of our financial Gtterdmmerung.

In Poland, 60pc of mortgages are in Swiss francs. The zloty has just halved against the franc. Hungary, the Balkans, the Baltics, and Ukraine are all suffering variants of this story. As an act of collective folly – by lenders and borrowers – it matches America’s sub-prime debacle. There is a crucial difference, however. European banks are on the hook for both. US banks are not.

telegraph.co.uk