Friday, January 30, 2015

PUTINomics: Russia announces Anti-Crisis Plan after Junk Rating Downgrade

HEAR THAT SOUND? That's the Russian Economy that through all Vlad's antics have flushed down the toilet. When are the Sheepies in Russia Going to smarten-up?
A day after a top ratings agency cut Russia's rating to junk level, the government in Moscow on Tuesday announced a plan that will see the economy return to a budget surplus in 2017.
Standard & Poor's downgraded Russia's rating to BB-plus late on Monday, a non-investment grade, for the first time since 2004, citing a slide in the ruble and weakening revenue from oil exports. The agency said Russia's financial system is weakening, limiting room for maneuver for Russia's Central Bank.
Russia's economy has been hit hard by the double impact of weaker energy prices and Western sanctions over its role in Ukraine. It is expected to contract by 4% to 5% this year for the first time since President Vladimir Putin took the helm in 2000.
... The ruble was 1.2% lower against the dollar at 68.1 per dollar in early trading Tuesday while the MICEX stock index was 0.3% higher. The ruble is now worth half as much as a year ago. ...
Read the Full Story HERE.

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