Russia's nightmare

Article Abstract:

Russia faces a devaluation of the ruble, a bail-out of banks, and a debt default. The government has handled the crisis badly, with confusion and lack of information. There is a danger that inflation could again become a problem. The government could tackle corruption which has led to low revenues and mis-spending. Banks could be shut down or auctioned. The government is more likely to waste the breathing space that the measures offer, with spare cash from debt repayments taken by grasping fingers.

Currency devaluation, Devaluation (Currency)

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Desperate Russia

Article Abstract:

Yevgeny Primakov has been appointed prime minister of Russia and he may improve Russia's economic position over the short term. He plans to pay outstanding wage bills and this cannot be achieved without risking hyperinflation since the amount owed is so large. There are other ideas that have been suggested that could be dangerous, such as price controls, protectionism and partial renationalization. Russia could also slip into anarchy without Primakov being able to prevent this.

Editorial, Primakov, Yevgeny M.

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