Saturday, January 30, 2016

Russia's Gradual Meltdown

Russians’ Anxiety Swells as Oil Prices Collapse from the New York Times
"The last time oil prices dropped so low and stayed there, in the 1980s, the Soviet Union disintegrated. Steadily rising prices since 2000 have lifted Russia out of poverty and economic chaos, buoying the prosperity of many Russians with it. ... With the federal budget approved in December based on oil at $50 a barrel, Anton Siluanov, the finance minister, announced that the country faced a budget deficit of about $40 billion, and ministries were ordered to cut spending 10 percent. Budgets were similarly guillotined last year."

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