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Doesn't look very promising economically for Russia but at least Putin is decisive, have to wonder how that 85% approval rating is holding up.
Quote:
In his annual address to the nation on Thursday, Russian President Vladimir
Putin announced that the country's reserve funds, usually earmarked for
investment in state projects, should be used to bail out troubled Russian banks.
In doing so he revealed just how grim the prospects for financial institutions
have become following the rouble's collapse. The Russian private sector appears
to be on state-funded life support.
.......
But Russian banks face major challenges funding this, with Western sanctions freezing them out of global capital markets on the one hand and a weakening domestic economy putting pressure on profits on the other. These issues have been compounded by a fall of about 40% in the value of the rouble since June. As the rouble loses ground to foreign currency, those debts become increasingly difficult to pay back