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Astana, Kazakhstan • 04 November 2022

Will Default in Russia Affect Kazakhstan?

Experts agree that there is nothing to be concerned about yet

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canva.com
canva.com

The default in Russia is not real?

Andrei Chebotarev (photo credit: Ruslan Pryanikov)
Andrei Chebotarev (photo credit: Ruslan Pryanikov)

"Technical [default] is when you can service your debts, but you don't want to. Every time anyone who has taken out a loan is at least one minute late, for example, he has a payment deadline of 17:00 on June 26, and he pays at 18:00 - he is allowing a technical default. It is not so important for a person, but it is important for the country. A real default is when a state or a person has no money to pay. This describes the situation for Argentina, Lebanon, and recently Sri Lanka. The global difference is that a technical default does not affect the domestic economy and a real default is a complete collapse."

Andrei Chebotarev, financial analyst

The fall has no bottom

Magbat Spanov (photo credit: voxpopuli.kz)
Magbat Spanov (photo credit: voxpopuli.kz)

The only risk is if Russia announces that it will not pay any debts at all. This will also affect our country, as our National Fund also has securities of Russia and will not receive profitable warrants.

Magbat Spanov, expert at the Institute of World Economy and Politics
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The Qazaqstan Monitor is a website informing about events in business, creativity and achievements in Kazakhstan and Kazakhstanis abroad. When working with materials of The Qazaqstan Monitor website, only 30% of the text with obligatory hyperlink to the source is allowed. When using full material it is necessary to obtain the editors’ permission. The Qazaqstan Monitor editors do not always share the views of the authors of articles. In case of violation of the terms of posting materials, the editorial staff of the site has the right to resolve disputes in a lawful manner.