Silverbird
09-11-2008, 10:09 AM
Financial Times
By Rachel Morarjee, Charles Clover and Peter Garnham
Published: September 11 2008 09:48 | Last updated: September 11 2008 13:43
Russia is considering using money from its national wealth fund and pension fund to support financial markets where necessary in the future, Alexei Kudrin, finance minister said on Thursday as the country’s stock market trod water despite government moves to bolster confidence....
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The comments failed to impress the market. On Thursday, the dollar-denominated RTS index opened marginally higher before edging 0.1 per cent lower to 1,333.27, following an almost 12 per cent drop during the previous two sessions. The country’s more heavily traded rouble-denominated Micex index rose 0.6 per cent to 1,120.98.
Intervention would knock Russia’s sovereign rating if it proved to be more than a verbal attempt to prop up the stock market, analysts warned.
“If the government intends to put public funds at risk (funds originally laid aside to shore up the pension system), in order to prop up asset prices, then this would have negative implications for Russia’s rating,” said Frank Gill, head of european sovereign ratings at Standard and Poor’s......
http://www.ft.com/cms/s/0/452e2354-7fde-11dd-8eeb-000077b07658.html
[I can hear those bilge pumps going in the background. Here's the real price of the Russian intervention in Georgia.]
By Rachel Morarjee, Charles Clover and Peter Garnham
Published: September 11 2008 09:48 | Last updated: September 11 2008 13:43
Russia is considering using money from its national wealth fund and pension fund to support financial markets where necessary in the future, Alexei Kudrin, finance minister said on Thursday as the country’s stock market trod water despite government moves to bolster confidence....
....
The comments failed to impress the market. On Thursday, the dollar-denominated RTS index opened marginally higher before edging 0.1 per cent lower to 1,333.27, following an almost 12 per cent drop during the previous two sessions. The country’s more heavily traded rouble-denominated Micex index rose 0.6 per cent to 1,120.98.
Intervention would knock Russia’s sovereign rating if it proved to be more than a verbal attempt to prop up the stock market, analysts warned.
“If the government intends to put public funds at risk (funds originally laid aside to shore up the pension system), in order to prop up asset prices, then this would have negative implications for Russia’s rating,” said Frank Gill, head of european sovereign ratings at Standard and Poor’s......
http://www.ft.com/cms/s/0/452e2354-7fde-11dd-8eeb-000077b07658.html
[I can hear those bilge pumps going in the background. Here's the real price of the Russian intervention in Georgia.]