Global Macro: Dollar Rises on Russian War Games
Russian President Vladimir Putin prepared 150,000 troops for war games, some less than 200 miles from the Russian border with the Ukraine. The news sent the Russian ruble and Ukraine hryvnia lower on the day. The hryvnia fell 4% on Wednesday; it has fallen 20% since the beginning of the year.
Meanwhile, Ukraine must still come up with the funds needed to pay off its heavy debt load, and worries are growing that the country may default on its near-term obligations.
Ukraine's new leadership was planning to set up its cabinet as early as Wednesday night, opening the door for talks with the International Monetary Fund to give the country the financial aid it needs as Russia has backed the $15 billion lifeline it had offered Ukraine.
At the time of publication, the author had no position in the fund mentioned. Follow @macroinsights This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.
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