Mironov: No Second Default in Russia / News / News agency Inforos
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Mironov: No Second Default in Russia

Speaker of the Council of Federation Sergey Mironov believes that the reoccurrence of the 1998 default in Russia is impossible.

"There will be no default in principle, I am sure that the 1998 situation will not reoccur in our country”, Mironov said.

According to the Speaker of the Upper House of the Russian Parliament, Russia accumulated enough financial resources including the gold and hard currency, and it is in position to pay any obligations.

At the same time Mirtonov believes that there is no reason for optimism in assessment of the current financial situation.

"It is a protracted systemic crisis, and there are all preconditions for its rather long duration”, Mironov said. According to him, the civil construction and mortgage credit spheres are the most vulnerable to the negative developments in the world economy.

However, Mironov is confident that the Russian economy may exploit the world crisis to its benefit. “Russia has all opportunities to exploit this crisis for example to modify the structure of its economy as it was done in 1998”, he pointed out.
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