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Why Putin's Ukraine gambit meant nothing
Written by Pras Subramanian via Yahoo! Finance.
A day after reminding everyone that Sochi was in the rear-view mirror and that the real Vladimir Putin was back, the modern day ‘czar’ of Russia eased off his hard stance today, claiming he doesn’t want to use force in Ukraine but reserving the right to do so. Russia maintains it’s forces in Crimea, but is sending troops at the border back their bases after ending a “military exercise.”
Although Putin doesn’t really have much to fear in terms of retribution for making mistakes within his own country, the markets were giving him a different story, as Russia’s MICEX (MICEXINDEXCF.ME) index tumbled a whopping 10.8% yesterday. Recovery in markets abroad, and here in the states (^GSPC, ^DJI), have essentially brought us back to the status quo, something which Zachary Karabell of Envestnet felt was the most likely scenario.
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