Twilight of the Oligarchs

Russia has lost two-thirds of its billionaires and they have lost three-fourths of their capital. Reuters reports that the worst may be yet to come as the oligarch’s “debt bomb” ticks down to zero:

Humbled by huge debts, Russia’s once mighty oligarchs are fighting for survival after the government warned there will be no more bailouts. Falling company revenues have forced some of the tycoons, who borrowed heavily to expand in the boom years under former President Vladimir Putin, to beg Western creditors to allow them to restructure loan payments.

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