Russia could face Greece-like debt crisis

LONDON: Russia may face a debt crisis similar to the one gripping Greece by 2030 unless the government cuts spending, said Sergei Ulatov , the resident World Bank economist in Moscow.

"By 2030, the debt level would be unsustainable like in Greece" if nothing changes, Ulatov said. Finance minister Alexei Kudrin urged the government to cap spending at 4% to stabilise finances and avoid state "paternalism". The budget deficit may narrow to less than 0.5% of gross domestic product this year if oil prices average $115 a barrel, according to Kudrin.

Source- Economic Times
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