Originally reported in Russian media and Zero Hedge as 56%, Wall Street Journal has said it is actually only 36%. Either way it was an unfortunate surprise to anyone holding Belarus Ruble debt or cash. My summary here: http://thesilversquirrel.blogspot.com/2011/05/breaking-news-belarus-devalues-currency.html
Looks like White Russia has sold off its best piece of infrastructure ... the revaluation is part of this process presumably: Belarus to sell gas pipeline to Russia: report http://www.reuters.com/article/2011/05/23/us-belarus-russia-idUSTRE74K0VV20110523 Anyone familar with Eastern European politics knows it has recently been dominated by Russian gas pipeline politics, with all these little states heavily dependent on cheap Russian gas to survive and the threat of being bypassed by the underwater pipline in the Baltic. It's hardly surprising that Belarus is trying to get on Russia's good side. From what I can gather they have little else to depend on (peat anyone?). Europe couldn't give a toss apparently and Russia will deal them out in short order. So why not make a favourable deal with Russia now before being locked out? Two short years ago Belarus said they didn't need Russia - now they've changed their tone. Watch out for the situation in Lituania and Latvia once some of the other supply can be moved away from their pipelines. Germany and others west of them have shown these states the middle finger with the Nord Stream option and former Chancellor Schroeder has been instrumental at every step since leaving public office. A bit of background: http://en.wikipedia.org/wiki/Nord_Stream http://en.wikipedia.org/wiki/2007_Russia–Belarus_energy_dispute