23.06.2011 - Medvedev puts Russia in a choice situation
Despite an average oil price over $100 a barrel in 2011, Russia's sovereign wealth funds are bleeding assets, not accumulating them, because social and military spending have rocketed. Ten years ago, the Russian budget balanced at an oil price of barely $20 a barrel. This year, Finance Minister Alexei Kudrin says it won't balance even at $115 a barrel. The non-oil budget deficit, according to the International Monetary Fund, will be 12.7% of gross domestic product this year, more than eight percentage points higher than before the financial crisis..............................................Full Article: Source
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