"I remember Russia," Cramer told his colleague David Faber. "I didn't think Russia could have an impact... next thing you know I was on TV talking about Russia and I felt very ill-equipped.
"I don't want to feel ill-equipped talking about Petrobras this time. This is the number one problem in the world right because it has so much debt, Brazil the 8th largest economy, and people aren't talking about it."
Petrobras, which is half-owned by the Brazilian state, has seen its share price fall almost 40% year to date. On top of that, Cramer pointed out, it's the most debt laden company in the world and the company's 10-year bonds are trading with a 10.5% yield. Cramer called that "unsustainable."
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