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Thread: Russia Plans Deep Budget Cuts as Revenues Drop

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    Russia Plans Deep Budget Cuts as Revenues Drop

    Russia Plans Deep Budget Cuts as Revenues Drop

    Jan. 14, 2015

    MOSCOWóRussia is planning steep cuts in spending across all parts of its budget, except defense, as it grapples with Western economic sanctions and a big oil-price drop while digging in for further confrontation with the West over Ukraine, officials said Wednesday. Moscow is counting on an eventual bounce in the price of oil. Its drop, officials said Wednesday, has been far more devastating to the Russian economy than Western sanctions. Russian Finance Minister Anton Siluanov said the budget faces a shortfall of up to $240 billion in revenue, but that most of itóabout $180 billionóis due to the oil-price collapse. He said his ministry plans 10% across-the-board budget cuts, although funding to the military would remain untouched.
    Just two weeks ago in a nationwide address, Putin said state spending would not be cut. Reality prevails. Economists expect inflation in Russia to reach 17% by spring. Russia's global credit rating will probably be reduced to junk status within a week. The junk rating will cost Russia another ~$30 billion dollars. Without a huge infusion of rubles, bank bankruptcies are expected to spiral within the coming months.


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    Re: Russia Plans Deep Budget Cuts as Revenues Drop

    Quote Originally Posted by Simpleχity View Post
    Russia Plans Deep Budget Cuts as Revenues Drop



    Just two weeks ago in a nationwide address, Putin said state spending would not be cut. Reality prevails. Economists expect inflation in Russia to reach 17% by spring. Russia's global credit rating will probably be reduced to junk status within a week. The junk rating will cost Russia another ~$30 billion dollars. Without a huge infusion of rubles, bank bankruptcies are expected to spiral within the coming months.
    On the other hand the EU seems to want to discontinue sanctions.

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    Re: Russia Plans Deep Budget Cuts as Revenues Drop

    Quote Originally Posted by joG View Post
    On the other hand the EU seems to want to discontinue sanctions.
    I'm curious as to how far Russia's economy can tank, largely from outside influences, before Putin does something rash.
    Freedom of speech is not freedom from criticism.

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    Re: Russia Plans Deep Budget Cuts as Revenues Drop

    Quote Originally Posted by joG View Post
    On the other hand the EU seems to want to discontinue sanctions.
    Hollande does, but not Merkel. She understands what is at stake.


    Be polite, be professional, but have a plan to kill everybody you meet. -- Marine Corps General James 'Chaos' Mattis

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    Re: Russia Plans Deep Budget Cuts as Revenues Drop

    Quote Originally Posted by Simpleχity View Post
    Russia Plans Deep Budget Cuts as Revenues Drop



    Just two weeks ago in a nationwide address, Putin said state spending would not be cut. Reality prevails. Economists expect inflation in Russia to reach 17% by spring. Russia's global credit rating will probably be reduced to junk status within a week. The junk rating will cost Russia another ~$30 billion dollars. Without a huge infusion of rubles, bank bankruptcies are expected to spiral within the coming months.
    If you have about an hour of your time to burn up, please watch what I watched last night on PBS's FRONTLINE, it's very informative, tell's everything about Putin's powers and his corruption. In the video, there are business owners who at a large meeting with Putin in which he was called out on his dirty dealings, and how those business owners ended up leaving Russia because Putin ran them out of the country, and took their businesses from them.

    Putin is one ruthless dictator. He makes other Russian leaders look like meek kittens.

    Putin’s Way | FRONTLINE | PBS

    BTW, Putin is one of the richest people in the world, it is estimated that his net worth is in the neighborhood of 80 billion dollars.

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    Re: Russia Plans Deep Budget Cuts as Revenues Drop

    Quote Originally Posted by Simpleχity View Post
    Hollande does, but not Merkel. She understands what is at stake.
    Putin still has an ally in Germany, Gerhard Schroeder, it's his long time extremely wealthy buddy.

    Merkel Challenged on Russia by Ex-Chancellor Putin Friend - Bloomberg

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    Re: Russia Plans Deep Budget Cuts as Revenues Drop

    Quote Originally Posted by Kobie View Post
    I'm curious as to how far Russia's economy can tank, largely from outside influences, before Putin does something rash.
    Or just gives up Crimea and starts cooperating with us. I for one hope the economy cripples Putin to the degree that Russia recognizes Dardania
    Quote Originally Posted by poweRob View Post
    Stats come out and always show life getting better. News makes money in making you think its not.
    The Republic of Dardania is the proper name for: http://www.debatepolitics.com/europe...ification.html

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    Re: Russia Plans Deep Budget Cuts as Revenues Drop

    Quote Originally Posted by DDD View Post
    Or just gives up Crimea and starts cooperating with us. I for one hope the economy cripples Putin to the degree that Russia recognizes Dardania
    Who ?
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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    Re: Russia Plans Deep Budget Cuts as Revenues Drop

    Quote Originally Posted by American View Post
    Who ?
    See the link in my signature for details. Especially post 134 on that thread to see why my country is called Dardania.
    Quote Originally Posted by poweRob View Post
    Stats come out and always show life getting better. News makes money in making you think its not.
    The Republic of Dardania is the proper name for: http://www.debatepolitics.com/europe...ification.html

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    Re: Russia Plans Deep Budget Cuts as Revenues Drop

    Quote Originally Posted by Kobie View Post
    I'm curious as to how far Russia's economy can tank, largely from outside influences, before Putin does something rash.
    Like invading Ukraine?
    Give a man a fish and he eats for a day. Teach a man to fish and he stops voting for the Free Fish party.

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