Word: rublee
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As the world financial crisis buffets country after country, Russia was never going to be spared. It's in much better shape than it was during the last financial crisis, in 1998, when the ruble collapsed and the country defaulted. This time, Russia has $450 billion in foreign reserves left...
Today, Russia's finances look a lot less robust. The government budget was based on oil at $70 per barrel, way above the current ? level, and it will consequently swing into deficit next year for the first time since 2001. The stock market has dropped more than 70% in...
At first, the Kremlin tried to prop up the currency, but after blowing through tens of billions of dollars in September and October, it changed course in mid-November, and has since begun a policy of phased devaluation. That's calling up bad memories of the ruble's collapse in...
The hydrocarbon windfall that fueled the Russian state's recent revival appears unable to offer a solution to the crisis. Russian foreign-currency reserves that stood at almost $600 billion last August have shrunk to $485 billion as the state has been forced to spend to bail out state-run...
The big question is what sort of an impact the banking sector's problems and the cascading margin calls on stock-market investors will have on the Russian economy as a whole. In such volatile times, it's particularly hazardous to make any predictions. But Russia experts say that, for...