Then there's this from the article:

Investment analysts are cautiously reckoning that a Russia default would not have the kind of impact on global financial markets and institutions that came from an earlier default in 1998.

Back then, Russia’s default on domestic ruble bonds led the US government to step in and get banks to bail out Long-Term Capital Management, a large US hedge fund whose collapse, it was feared, could have shaken the wider financial and banking system.

Once again:

Russia’s default on domestic ruble bonds led the US government to step in and get banks to bail out Long-Term Capital Management, a large US hedge fund whose collapse, it was feared, could have shaken the wider financial and banking system.

... could have shaken the wider financial and banking system.

And that's it in a nutshell. The rich bailing out the rich. Never mind all those thrown into homelessness in 2008. They're certainly not too big to fail. In fact, we don't give a shit about them. But one of our pals in the banking industry facing a slow year? Oh my. Yes, we'll use taxpayer money for that.