Debt owed to Russian citizens - ratings downgrade and devaluation of currency only Debt owed to international entities - ratings downgrade, currency devaluatio

Debt owed to Russian citizens - ratings downgrade and devaluation of currency only Debt owed to international entities - ratings downgrade, currency devaluation and a cushion from IMF that requires structural changes. In Russia's case, the structural change may be a good thing. Perhaps with amendments to the constitution that allow for alternation of power.