May 31, 2023

Athens News

News in English from Greece

Russia now has less foreign debt than Greece

Russia’s foreign debt of 148 million inhabitants, plus a few million people of newly integrated regions of Ukraine, is now less than that of Greece of 10 million: Russian debt fell to $380.5 billion in 2022, the lowest level in 15 years, announced today (29/3) The Central Bank of the Russian Federation, while the Greek debt rose to more than 400 billion euros in the same year.

The Greek debt is 175% of the country’s GDP, and the Russian debt at the height of the war has dropped to about 12%! Thus, Russia’s external debt will decrease by 21.1% (or $101.8 billion) in 2022, reaching the lowest level since 2007. This is the largest reduction since 2014, when Russia’s external debt decreased by $129 billion. The statement also emphasizes that Russia’s balance of payments surplus will reach $233 billion in 2022, almost double the figure in 2021, despite the war and despite Western sanctions.

Vladimir Putin also said that international sanctions against Russia had a negative impact on the economy, but in the Russian economy, unemployment will be only 3.6%, and inflation – 4%! The Russian president said the country had adapted to this new situation in recent months.

“Sanctions against the Russian economy can really have a negative impact on it in the medium term,” the Russian president said at a televised meeting with the government. But more than a year after the offensive began in Ukraine, “unemployment is at its lowest level” at 3.6%, and “by the end of March, inflation will fall below 4%” after soaring to almost 20% last spring, he said. Putin.

“But this does not mean that all problems have already been solved,” he warned members of his government. “Returning to a growth trajectory should not make us relax,” he said, calling for “guarantees of Russia’s economic sovereignty.”

The growth of the Russian economy, despite the bloody war, on which huge sums are spent, is proof that the economy does not suffer if the sources of income of the metropolis are not affected. The same thing happened in the US today and in the UK in the past. Wars are profitable when they do not affect the territory and infrastructure of the parties involved.

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