Friday, November 21, 2008

LA RUSSIA DAVANTI AI RISCHI DEL BAILOUT. (Russia facing bailout's risks)

Impedire il trasferimento su conti offshore dei prestiti di Stato che le banche russe avevano recentemente ottenuto. La conversione di tali prestiti in Dollari è proprio quello che il Cremlino vuole evitare. Sostegno al rublo dunque, in una sorta di '98 reloaded. Quell'estate la faccenda del tasso di cambio non finì benissimo. Il contesto ora è diverso: la crisi non è asiatica o russa, è globale. Inoltre al timone non c'è Kiriyenko, ma Putin (e Medvedev). Vedremo.


RIA Novosti (20-11-08)


MOSCOW, November 20 (RIA Novosti) - Russian banks that have received state loans during the current financial crisis but converted them into U.S. dollars will be barred from the government's rescue package, First Deputy Prime Minister Igor Shuvalov said on Thursday.
"We have drafted a law. It could be submitted to the State Duma [the lower house] today. The Central Bank will have additional authority to check how money received as state support is spent," Shuvalov said.
The move comes after Prime Minister Vladimir Putin said earlier this month that some banks had transferred government bailout money to offshore accounts instead of giving it to the intended recipients.
President Dmitry Medvedev said on Tuesday as the financial crisis deepened that the government could spend more than the previously planned $200 billion on stabilization measures.
Russia has been hard hit by the global financial crunch that began with the subprime mortgage crisis in the United States last summer and has quickly spread to the rest of the world.
The country's stock market has lost around 70% of its value since May, and the Central Bank has spent billions of dollars to prop up the ruble, which is sinking amid economic turmoil and falling oil prices.
Speaking at a news conference, Shuvalov said the government had come under pressure from members of the business community that opposed its efforts to shore up the ruble.
"We have come under serious pressure from business and financial experts over a drop in the ruble's exchange rate," Shuvalov said, adding however that there would be no drastic alteration in its exchange rates and that speculation to the contrary had no grounds.
He also said the government was set to review state projects and state-run organizations' investment programs in a bid to streamline spending amid the crisis, but added that transport and energy infrastructure projects would not be subject to revision.
Shuvalov said spending cuts would not concern preparations for a 2012 APEC summit in Vladivostok, in Russia's Far East, and for the 2014 Winter Olympics in the Black Sea resort Sochi.
He also backed a proposal made by Putin at a ruling party congress earlier on Thursday to cut taxes. Shuvalov said the tax cuts would allow the Russian economy to save 556 billion rubles ($20.2billion). -------------------------------------------------------------------------------------------------

Poco prima, lo stesso Putin aveva annunciato alla Duma nuove misure per combattere la crisi.

RIA Novosti (20-11-08)

MOSCOW, November 20 (RIA Novosti) - Russia's Prime Minister Vladimir Putin addressed a congress of the pro-Kremlin United Russia party on Thursday outlining a number of proposals to tackle the financial crisis in Russia.
Putin told the party he has headed since he stepped down as president last May that the Russian government would allocate over 50 billion rubles (about $2 billion) to support and protect the defense sector from bankruptcy.
Russia will also issue loans to China and India for purchases of Russian equipment, the prime minister added.
"A decision was made to allocate $1 billion to the International Monetary Fund to assist countries in a particularly difficult financial situation. We will also issue loans to China and India to buy Russian equipment, thereby creating jobs and securing profit for our companies," Putin said.
The Russian premier also proposed cuts in profit tax to help companies weather the financial turmoil.
"We must cut profit tax by 4% from January 1, 2009 at the expense of the federal budget. This issue will cost 400 billion rubles [$14.5 billion]. All this money will stay in the economy next year and will work in the economy," Putin said.
Russia's current profit tax stands at 24%, of which 6.5% is paid to the federal budget and 17.5% to regional budgets.
Putin also unveiled measures to help the unemployed and proposed raising the level of monthly unemployment benefit by 1,500 rubles ($55) from the current figure of 3,400 rubles ($124), Putin said.
He also assured Russian depositors that the government would guarantee 98.5% of all their savings held in Russian banks.
"The overwhelming majority of Russian deposits - 98.5%, are fully protected by the state," Putin said.
Russian President Dmitry Medvedev signed bank deposit insurance legislation earlier this fall, increasing the sum guaranteed to depositors to 700,000 rubles ($26,800) from 200,000 rubles.


Passo e chiudo.
FRA

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