Word: bankses
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On Sunday, the finance minister is expected to submit a revised budget for 2009 which will assume an average oil price of $41 per barrel, down from the original $95. Despite the massive drop in oil revenues that represents, the new budget will boost spending by $13.99 billion to $262.8...
Hainsworth says that Russia is already through the most difficult period - the run on banks at the end of 2008 - and that "now it looks as if the system has sufficient solvency and capital to deal with overdue loans."
And banks are not the only places where people are showing their discontent. "Everyone out!" read signs on the dozen or so tents in Independence Square, the site of the Orange Revolution protests in 2004 that signaled a democratic breakthrough in Ukraine. Disillusionment with the leaders that revolution brought to...
The infighting led the finance minister to resign last month, complaining that he had become "a hostage to politics." The lack of unity on the budget also led the International Monetary Fund (IMF) to delay disbursement of the second installment of a $16.4 billion loan, sorely needed to shore up...
But things may not be as bad as they seem. Banking analysts suggest that talk of a sovereign default is overblown, and say not all banks are struggling to pay out. Even more promisingly, Yushchenko and Tymoshenko announced a truce at the end of last week and sent a revised...