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Ukrainian Default The Key?

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I'm wondering if the Ukraine defaults on their debt, and take down the Russian banks with them, what sort of chain reaction there could be? Could this be the start of the second leg of the great slump globally?

See http://www.telegraph.co.uk/finance/comment/10655777/Ukraines-economy-more-fragile-than-its-uneasy-peace.html for a discussion of the default looming.

Edited by pjw

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Russia has in excess of $500 billion of FX reserves - including gold. I'm sure they'll be fine.

Putin's ability to subsidise the Russian population is limited.

Expect Kiev to end up in Moscow.

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