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

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