Effects from any default on Russia’s sovereign debt as a result of the Ukraine crisis would spill over to emerging markets, economist Stephen Roach warns.
Effects from any default on Russia's sovereign debt as a result of the Ukraine crisis would spill over to emerging markets, economist Stephen Roach warns.The U.S. has sanctioned Russia's sovereign debt while major ratings agencies slashed Russia's sovereign rating to"junk" status.
Economist Stephen Roach warned effects from any default on Russia's sovereign debt as a result of the Ukraine crisis would spill over to emerging markets, including China. "If Russia does default on its debt ... there will be broad spillover effects to sovereign debt in emerging markets around the world and China will not be unscathed from that," he told CNBC's"Squawk Box Asia.""But I'm talking really of broader risks — guilt by association."
Roach, a senior fellow at Yale University, added that"China cannot afford to stay in close alignment with Russia as it mounts this truly God-awful campaign against innocent Ukraine right now." "And the sooner China breaks with Russia, the better — and we'll have to wait and see and watch that very closely," he said.
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