The waiting game

WHEN nobody really wants to bankrupt you, renegotiating your debts is a matter of using good timing to play on your creditors' nerves. Russian debt managers are masters of the art. Already they have secured a highly irregular $4.5 billion loan-renewal from the IMF, despite having been caught out lying to the Fund about their reserves. Now they are moving quickly to persuade other creditors of the wisdom of a patient and generous approach to a huge bankrupt country—especially one with elections near and bristling with nuclear weapons.