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Russia’s Economic And Financial Meltdown Continues Apace
Edward Hugh (December 16th, 2008) Writes:
By Edward Hugh: Barcelonabr /br /Russia's foreign-exchange reserves have been now been declining very rapidly since mid August, and as the money goes so does the faith that the large stock of reserves the country built up during the boom times would be sufficient to see them through any downturn in energy prices. As the money leaves, so it seems does the decade of economic growth and stability which they symbolised. Indeed so rapid has been the decline that Russia's international reserves, which are the third-biggest after those of China and Japan, have now fallen $161 billion, or 27% percent, since 8 August last, and decreased by $17.9 billion to $437 billion in the week to 5 December. Investors have now pulled $211 billion out of the country since August, according to estimates by BNP Paribas.br /br /br /pa href="http://1.bp.blogspot.com/_ngczZkrw340/SUbQptNe4tI/AAAAAAAALyE/K0xlBOy3AlA/s1600-h/russia+GDP.png"img id="BLOGGER_PHOTO_ID_5280137028067844818" style="DISPLAY: block; MARGIN: 0px auto 10px; WIDTH: 320px; CURSOR: ...
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Aeroflot, Alexei Kudrin, Andrei Klepach;, Baltic states, Bank, bank mortgages;, Banking, Bnp Paribas, br /br /Moody's Investors Service;, Capital Economics Ltd.;, Car Production, central bank, China, credit ratings agency, crude oil, Deutsche Bank, Economics, Edward Hugh, energy, energy exporter, Energy Prices, Evgeny Gavrilenkov;, evident oil price impact;, Federal Customs Service;, Federal Statistics Service, finance ministry, Ford Motor, former Soviet Union, Frank Gill;, Hungary, Igor Shuvalov, International Bank for Reconstruction and Development, International Monetary Fund, Japan, Julian Rimmer, Latvia, London, lower oil prices, MDM Bank, Moody's Investors Service, Moscow, Moscow Times, National Wellbeing Fund;, Natural Gas, Neil Shearing;, non-energy;, non-oil exports, non-oil external current account deficit;, non-oil external current account;, Oil, Oil And Gas, Oil Prices, Oleg Vyugin;, ratings agency, Real Estate Prices, Reserve Fund, retail, Romania, RTS, RUB, Russia, Russian Government, Soviet Union, Sperbank;, St. Petersburg, St. Petersburg factory;, Standard;, state-run development bank, Steel pipe production;, The Moscow Times, Transaero;, Troika Dialog, Ukraine, United States, Urals, UralSib Financial Corp., USD, Vnesheconombank, VTB Bank Europe, VTB Group
Aeroflot, Alexei Kudrin, Andrei Klepach;, Baltic states, Bank, bank mortgages;, Banking, Bnp Paribas, br /br /Moody's Investors Service;, Capital Economics Ltd.;, Car Production, central bank, China, credit ratings agency, crude oil, Deutsche Bank, Economics, Edward Hugh, energy, energy exporter, Energy Prices, Evgeny Gavrilenkov;, evident oil price impact;, Federal Customs Service;, Federal Statistics Service, finance ministry, Ford Motor, former Soviet Union, Frank Gill;, Hungary, Igor Shuvalov, International Bank for Reconstruction and Development, International Monetary Fund, Japan, Julian Rimmer, Latvia, London, lower oil prices, MDM Bank, Moody's Investors Service, Moscow, Moscow Times, National Wellbeing Fund;, Natural Gas, Neil Shearing;, non-energy;, non-oil exports, non-oil external current account deficit;, non-oil external current account;, Oil, Oil And Gas, Oil Prices, Oleg Vyugin;, ratings agency, Real Estate Prices, Reserve Fund, retail, Romania, RTS, RUB, Russia, Russian Government, Soviet Union, Sperbank;, St. Petersburg, St. Petersburg factory;, Standard;, state-run development bank, Steel pipe production;, The Moscow Times, Transaero;, Troika Dialog, Ukraine, United States, Urals, UralSib Financial Corp., USD, Vnesheconombank, VTB Bank Europe, VTB Group
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