Posts Tagged ‘putin’

Et tu, Putin?

Well, looks like my instincts were right for a change. When Russia invaded Georgia, I sold our shares in a mutual fund that invests in Russia — and none too soon:

MOSCOW (AP) – Trading on both Russian stock markets was halted on Wednesday after shares plunged within an hour of opening on fears the credit crisis will take a heavy toll on growth.MICEX, where most trading takes place, was shut until Friday after it dropped more than 14 percent to 637.9 points in the first half-hour of trading. The RTS index—which has lost more than 69 percent since its May peak—has been shut down until further notice. It fell 11.3 percent in the first half-hour, dropping to 761.6 points.

Both exchanges have suspended trading on several occasions in recent weeks in a bid to stem steep slides in share prices.

Investors have withdrawn billions of dollars from Russia’s oil-fueled economy since its war with Georgia in August. Sliding oil prices and concerns about the depth of the financial and economic woes in Europe and the U.S. have sent shares into freefall in recent weeks, contributing to the Russian markets’ worst-ever trading day on Monday.

Not that I’m happy about their crash — but if Putin thinks that he can invade his neighbors without fallout, he’s sadly received a really strong message. The coterie of oligarchs that help prop him up in power can’t be very happy with him at the moment. Shucks.

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