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EUROPE

Russia: Kremlin prepares for a second economic crisis

As a result of the stagnation in the eurozone, the economic crisis in Russia has worsened considerably. Faced with a looming recession, the Kremlin is preparing massive cuts in social spending. The signs of an incipient recession have been mounting in recent months. Due to falling oil prices, the rouble has fallen against the dollar since March by a total of about 13 percent. For this reason, there was a run on foreign exchange offices in Moscow in early June. The shares of several large companies and banks, including those of state-owned Gazprom, crashed on stock markets by up to 20 percent. http://www.wsws.org/articles/2012/jul2012/krem-j12.shtml

About Intercultural Resources

Intercultural Resources is a forum for research and political intervention on issues related to the impacts and alternatives to destructive development. Our effort draws upon the social, cultural, material and intellectual resources that have been generated in the course of dialogues between people of different cultures on questions of social justice, development and self-rule. We are of the view that dialogue can sustain plurality and open possibilities for recovery of the ground lost on account of inter-cultural alienation, which is manifest in a variety of forms of violence that we encounter everyday at different levels of social life. Intercultural Resources is based in Delhi, India. Email: ihpindia@gmail.com

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