By Kim Catechis, fund manger at SWIP Russia appears more stable now than at virtually any point ...
By Kim Catechis, fund manger at SWIP Russia appears more stable now than at virtually any point in the past 15 years. Democracy is becoming entrenched, yet the Kremlin has been reclaiming executive control from the regions. The federal government is in control. Hence, significant ground has been covered in the area of legislative and structural reforms that are, on the whole, market friendly. But is this stability permanent or a mirage? Since the painful and humiliating default of 1998, the strong economy has provided an opportunity for some social expenditure, allowing some of the be...
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