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Global Investor/isf CEE Masterclass: Keynote
21 May 2010
Developed Europe is quickly turning into “submerging Europe”, while countries like Russia are coming out of the financial crisis with a relative advantage
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Developed Europe is quickly turning into “submerging Europe”, while countries like Russia are coming out of the financial crisis with a relative advantage because of their light debt load and their history of fiscal restraint, Elina Ribakova, Citi’s chief economist for Russia and the CIS, said during her keynote address to Global Investor/isf's Securities Financing master class series in Moscow.
Driving this unprecedented role reversal is the enormous fiscal deficit in most of the developed world. “If you’ve checked your economics textbooks lately, you would see that a fiscal deficit of more than 10% is usually seen...
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