Comeuppance

The Washington Post reports:

Russia may have to borrow money from international markets next year for the first time in a decade, Finance Minister Alexei Kudrin said Tuesday, as the government seeks to conserve cash amid a severe recession.

Russia last turned to foreign lenders in 2000. Since then, it had stashed windfall oil profits — helped by a surge in commodity prices — into a reserve fund and accumulated the third-largest foreign currency reserves in the world.

When oil prices were sky-high, Russia thought it could afford to invade neighboring Georgia.  Now they’ve blown their wad and oil prices are back to normal, plus they’ve made themselves a pariah to foreign investors to boot.  It couldn’t happen to a nicer tyrant.

Advertisements

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s