The Euro in 2010 Feels Like the Ruble in 1998

[BoyRacer]

The Euro in 2010 Feels Like the Ruble in 1998 -> nytimes.com/2010/05/12/busin … ruble.html

“Greece creates a remarkable sense of déjà vu,” Roland Nash, the head of research for Renaissance Capital investment bank in Moscow, wrote in a recent note to investors. The 1998 bailout designed for Russia, in the form of a rescue package offered by the International Monetary Fund, had the effect of forestalling but not preventing Russia’s defaulting on its foreign debt.
**During the month between the announced rescue and that default, Russian and Western banks frantically cashed out of short-term debt as it matured, changed the rubles into dollars and spirited the money out of Russia.
**
there is more