Tuesday, 21 March 2017

Russia's Cold War Debt Cleared

America may have won the Cold War but while the Russians have paid off the last of their debt, Americans are going to pass legislation to increase their debt ceiling above £20 trillion so something doesn't seem right.
Russia took on the The Soviet Union's foreign debt of £66bn in 1991 when the Soviet Union collapsed and a £123m payment to Bosnia and Herzegovina will finally clear the bill.
In recent years, Moscow has cancelled billions of dollars in debt owed to the Soviet Union by countries in Africa, Asia, and Central America. In 2013, Russia wrote off almost the entire $32 billion debt owed by Cuba.
According to the Russian Finance Ministry, other countries still owe the Soviet Union about £34 billion, but how that works is unsure as i'm sure the argument will be how can they pay money to a country that doesn't exist.
The fact that the home of Capitalism is 20 trillion in the hole while Russia has cleared their debts has not gone unnoticed by the Ruskies. 

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