BlackRock Funds Lost $17 Billion on Russian Markdown: FT

The transcript discusses the financial implications of Russia's potential default on its sovereign bonds, focusing on the exposure of major financial institutions like BlackRock and PIMCO. It highlights the market's anticipation of a default, as evidenced by bond trading prices and CDS probabilities. The conversation also covers the technical default process, including a 30-day grace period, and the impact on Russian corporate bonds. Additionally, the transcript examines the Russian banking system's reliance on the repo market due to depositor withdrawals, indicating a lack of confidence in local banks.

Discuss the concept of technical default as explained in the text.

What observations were made regarding the Central Bank of Russia's activities since February 2016?