So Russia was going to discriminate against foreign holders of its rouble-denominated treasury debt. Under the terms of the country's debt rescheduling, foreign holders of GKOs were to receive only a fraction of the amount paid to Russian holders. Credit Suisse First Boston's Russia Update note of August 19 fulminated against this double-cross and, for a while, managed to stall the restructuring process. A few days later, when it seemed that the Russians weren't even listening to the firm that had best access to the oligarchs when the going was good, another CSFB spokesman raged: "Russia's elite is plundering the capital of the country," as though this long-evident truth had only just become clear.
CSFB protests that although foreign investors...
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