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Hospodářské noviny - Czech Republic | Thursday, December 18, 2014

Europe needs a stable Russia in the long term

The financial turmoil in Russia shouldn't be a source of satisfaction for anyone and demands countermeasures also from Europe, the liberal business daily Hospodářské noviny admonishes: "The combination of anti-Russian sanctions and dropping oil prices is a cocktail the effects of which no intervention by the Central Bank of Russia can ameliorate - even if its foreign currency reserves are among the largest in the world. The non-state-owned banks that have no access to the international credit market may soon run into problems. Russia already experienced a combination of currency and banking crisis back in 1998, and only got through it thanks to the rising oil price. This is a scenario that won't be repeated now. Russia can survive the collapse of the rouble and the displeasure of the global financial markets for now. But to ensure long-term stability it needs a gesture. And that gesture must come from the EU. It is in the EU's own interests to make it."

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