WorldViews: 5 reasons you should care about Russia’s falling ruble

By Michael Birnbaum, December 16, 2014

Russia’s ruble was tanking on Tuesday faster than journalists could type, hitting levels against the dollar that were unimaginable even a week ago.1)      So why should I care about a weak ruble?Russia’s plummeting ruble is swiftly upturning the nation’s broader economy and threatening instability in a major world economy. When Russia defaulted in 1998, it helped set off a global financial crisis that caught fire in many emerging markets. So far, Russia’s problems are mainly confined to home. But that could change, and neighbors that are closely connected to Russia such as Belarus and Kazakhstan are already worrying. A weaker ruble makes it harder for Russian businesses to repay any dollars or euros they borrowed. Some businesses might not be able to pay anything back at all.Read full article >>