Russian ex-Minister: keeping Greece in eurozone “impossible”October 23, 2012 - 21:36 AMT PanARMENIAN.Net - Keeping Greece in the eurozone is “already impossible,” and the probability that Italy and Spain will be next is “very high,” former Russian finance minister Alexei Kudrin said on Tuesday, October 23, according to RIA Novosti. “Everything should be done to avoid it, but I don't feel that the process is under control,” he said in an interview with the Wall Street Journal. The former finance minister, who was named finance minister of the year by various publications four times during his tenure, added that Europe’s financial problems may transform into political ones. “Democracies don't always survive when their citizens are asked to make the kinds of economic sacrifices that Europe now faces,” the paper quoted Kudrin as saying. He added that residents of the Western countries are not prepared for a sharp fall in living standards, but if the governments drop their austerity policies the situation will be even worse. “Russia faced that in the 1990s, but due to [Russian President Boris] Yeltsin we've passed it peacefully,” Kudrin said. “I'm not sure the Western countries would be able to pass through such hardships; it may be very painful.” Measures taken by the European Central Bank will only provide temporary relief, Kudrin said, but the euro is likely to survive the crisis. He said European economies are likely to contract in the future and advised governments to reduce their debts in order to be prepared for growth. Kudrin also said the U.S. budget deficit was “a long-term risk.” No matter which party wins the White House, “both are in a very difficult position,” he said, but added that the dollar’s future is still secure. "Trust in the U.S. dollar is not shaken yet. If the U.S. administration meets the task of the budget consolidation in several years, the dollar will be firm, but even if it weakens, there would be no other currency to replace, given its scale and importance," Kudrin said. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. Armenia: Defense Ministry warns against involving army in political processes The Ministry’s statement came after a video surfaced online, showing soldiers joining the protests in Tavush. Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. |