Tag Archives: Ruble Crisis May Spell Financial Disaster For Europe

Ruble Crisis May Spell Financial Disaster For Europe – 22 December 2014

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All eyes are on the ruble this week after its spectacular crash that sparked fears of a new currency crisis in Russia, and the possibility it could spill over into Europe and put the world economy at risk.

The ruble has lost more than 45 percent against the dollar and euro since the beginning of the 2014, mostly due to falling oil prices and the tightening of Western sanctions.

“We just rescued all those European banks, and they all have huge loans in Russia. If the ruble devalues as it did in recent days, then Russian companies will have trouble paying back dollar and euro debts. From this perspective we will face even bigger problems,” Michael Mross, chief editor of MMNews.de, told RT.

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