To hear Western investment bankers talk about Russian debt today, you'd never guess that barely two years ago most fled Moscow after a bad mauling. Russia had defaulted on domestic debt, devalued the ruble, and frozen payments on some Soviet-era commercial debt. The price of a 30-year Eurobond issued just before the crisis plunged to 15￠ on the dollar, and the markets dried up. The U.S. and European banks, which lost some $10 billion to the debt default alone, vowed never to go near Russia again.
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