09.08.2011 - Russia plans to triple state debt by 2014
Russia, which until now has borrowed relatively little, is envisaging a tripling of its public debt in the next three years amid sluggish growth and high spending. Russia was able to build up tens of billions of dollars in two reserve funds during the era of high oil prices, helping the country weather the global financial crisis of 2008. But the finance ministry document said that Russia's petrodollars would now be used to finance expenditure. The National Reserve Fund would receive only a small top-up while the National Welfare Fund would be given no further money..............................................Full Article: Source
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