Friday, December 19, 2008

International Bailouts

The AP is reporting that Russia may be in dire straits if oil continues to fall.

Russia would come under crippling financial pressure and may need to raise money externally if oil languishes at an average of $30 a barrel over the next two years, the World Bank predicted Friday.

The bleak scenario would mark a rapid unraveling of Russia's oil-fueled economic gains over the past eight years, during which time the government has paid down most of its foreign debt and built up a vast stockpile of international reserves.


Don't look now, but PYY sources have learned that Russia has petitioned the US Treasury Secretary's office for part of the remaining $350 billion bailout fund. Film at 11.

2 comments:

Greg said...

In a related story, a prominent Russian general was quoted as saying that Russia would not need to pursue expensive new weapons technologies if America would give up her missile defense system. Liberals will say we should obviously give up the missile technology then. I say, great - that means we need to plow full steam ahead with missile defense! Russia can't keep up and will be weakened by even trying. That's how the USSR broke up in the first place....

LA Sunset said...

//I say, great - that means we need to plow full steam ahead with missile defense! Russia can't keep up and will be weakened by even trying. That's how the USSR broke up in the first place....//

I second that motion.