Walking the Walk

Russian Prime Minister Mikhail Fradkov made a major announcement concerning future budget deficits. He stated the government will made an amendment to the budget guidelines dictating any future budget deficits cannot be any larger than two percent of the nation’s GDP. We will be watching, along with many other people to see the policy is implemented but it is encouraging in a general sense the government recognizes it cannot run up debts without concern for the economy. As we indicated in our newsletter, President Putin is turning on the charm offensive to woo investors and taking the first baby steps of reform in the process. Too much to hope that my own country could one day follow?