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Russian stock markets near collapse - 9/17/2008 7:41:54 PM

cyberdude611

Posts: 2596
Joined: 5/7/2006
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Well if you think our economy is bad....

On Wednesday the Russian stock market nearly crashed and dropped 20%. It is the biggest single-day loss since the 1998 financial crisis. Trading was halted by the government for a second day when the market opened down another 6%. The government is now pumping in $60 billion to ward off a collapse.

The sell-off was sparked by falling oil prices and then progressed into a firesale as more bad economic news kept coming out including rumors one of Russia's biggest banks (KIT Finance) is near collapse as it admits it cannot currently meet its obligations. The two stock markets in Russia (RTS and MICEX) has now lost over a combined $800 billion dollars in just the past several months.

The markets are closed in Russia until further notice.

It seems the entire world economy is in a mess.

http://www.ft.com/cms/s/0/014d5ac0-84e2-11dd-b148-0000779fd18c.html

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RE: Russian stock markets near collapse - 9/17/2008 7:53:13 PM

MzMia

Posts: 5333
Joined: 7/30/2004
Status: offline

quote:

ORIGINAL: cyberdude611

Well if you think our economy is bad....

On Wednesday the Russian stock market nearly crashed and dropped 20%. It is the biggest single-day loss since the 1998 financial crisis. Trading was halted by the government for a second day when the market opened down another 6%. The government is now pumping in $60 billion to ward off a collapse.

The sell-off was sparked by falling oil prices and then progressed into a firesale as more bad economic news kept coming out including rumors one of Russia's biggest banks (KIT Finance) is near collapse as it admits it cannot currently meet its obligations. The two stock markets in Russia (RTS and MICEX) has now lost over a combined $800 billion dollars in just the past several months.

The markets are closed in Russia until further notice.

It seems the entire world economy is in a mess.

http://www.ft.com/cms/s/0/014d5ac0-84e2-11dd-b148-0000779fd18c.html

It DOES seem that way now, doesn't it?

Shit is hitting the fan.
Are they finally ADMITTING to a recession yet?
Or will we just shoot straight to a Depression?
Pay no attention to the man behind the curtain.

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(in reply to cyberdude611)

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