Debt problems in the European Union and Russia: common features and differences

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Abstract


The paper deals with the problems of the indebtedness in the world economy and describes the evolution of russian public and private debts’ problem, analyzes risks in debt sphere. Common features of Russia and the European Union are detected: they are worsening of the conditions for borrowing on the international market of loan capital, significant level of corporate debt, contingent liabilities of the budgets, high levels of public spending. Specific Russian features are defined as follows: dependence on world prices for energy resources, low credit ratings, rapid growth of domestic borrowing and quasi-sovereign debt.

S E Tsvirko

Financial University under the Government of the Russian Federation

Email: s_ts@mail.ru

M S Krass

Financial University under the Government of the Russian Federation

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