A former Russian finance minister, Professor Alexey Kudrin, has warned about continuing recession in Europe and fiscal instability in the United States.
Kudrin told Ekho Moskvy radio last night that the European crisis will not only not be resolved in 2013 but will probably become even more accute. The former minister even said that he believes that the German economy will slide into a recession, which will be a major distress for the eurozone.
The Russian economy depends greatly on the European Union and world market and thus is in serious danger.
Kudrin also warned that oil prices will possibly decrease (due to increasing production) causing a vehement budget crisis in Russia.
The former minister also blamed the government for inappropriate use of existing funds and reversal of economic reforms.
Former Russian finance minister warns about recession
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