Russia - Global economic crisis to last for 3 more years
The Russian authorities have been lost in their own forecasts. First Vice Prime Minister Igor Shuvalov once said that Russia had already overcome the peak of the crisis. Hardly had the Russians rejoiced over the news when Finance Minister Aleksei Kudrin showed everyone from heaven to earth when he said that Russia was expecting a second wave of the crisis. “The bank crisis in Russia has just begun. It will come from the real sector of economy,” the head of Sberbank, German Gref said. Mr. Gref is certain that the Russian economy will have to face real problems in the nearest future. A great deal of Russian borrowers will not be able to pay off their debts. The share of ‘bad loans’ in Russian banks has already achieved 3.8 percent.
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