Russia has made the final payment on Soviet Union's foreign debt

[Ant22]

Whenever the topic of Putin comes up in conversations with 'Putin sceptics', (or MSM propaganda indoctrinated thinkers) I usually try to avoid a full-blown opinionated argument that would most likely follow if I stated my support for Putin explicitly. I simply say that "whatever you're accusing him of there is one thing that makes him a great leader: he's always took care of his own country, his people and his allies. Whatever your opinion of him is, wouldn't you want your/our country to be led by someone who does that for you?" So far no one said 'no' :)

I guess I now have another argument to use: while so many countries are drowning in foreign debt (and the debt keeps getting larger and more unpayable) Russia has now made their final payment on Soviet Union's foreign debt. Russia took on the debt after the other former Soviet republics refused to pay.

https://www.rt.com/business/400489-russia-soviet-debt-payment/

“The debt to Bosnia and Herzegovina in the amount of $125.2 million has been settled in accordance with the agreement between the Government of the Russian Federation and the Council of Ministers of Bosnia and Herzegovina,” the Russian Finance Ministry said on Tuesday.

The remaining debt was the money the Soviet Union owned to Yugoslavia. The USSR's foreign debt was accumulated in various ways. Obligations to Western countries accrued in the debt market after 1983. The money owed to the former Yugoslavia was as a result of trade between the countries.

Initially, it was assumed the USSR's foreign debt would be paid by all its republics. A document on this was to be signed in December 1991. The bulk of the debt was on Russia (61.34 percent). Ukraine was to repay 16.37 percent, and Belarus was to repay 4.13 percent.

However, Estonia, Latvia, Lithuania, Azerbaijan, Moldova, Turkmenistan, and Uzbekistan did not sign the agreement. As a result, in 1994 Russia took on all the debt in exchange for property all around the former Soviet Union.

As of 1994, the debt of the old USSR was almost $105 billion. The largest part of this amount (over $47 billion) was to the Paris Club of creditors. It was a pool of 19 creditors, mostly in the West including the US and the UK.

Russia actively began to repay debts under the presidency of Vladimir Putin, which also coincided with a surge in oil prices, giving the country extra foreign currency.

At the same time Ukrainian leaders have decided to dig their country into a deeper hole with a loan from the IMF and what is referred to as the Ukrainian Marshall Plan . As a Ukrainian political analyst Alexander Dudchak said, Ukraine's economy will continue to collapse so long as it is run by 'economic hitmen'.

 

[bjorb]

[quote author= ant22]At the same time Ukrainian leaders have decided to dig their country into a deeper hole with a loan from the IMF and what is referred to as the Ukrainian Marshall Plan .[/quote]

Yeah, did nobody told them that loans of the IMF are not meant to pay of. They are loan sharks after all. Just ask the rest of the third world. Ukraine is another victim and is ruled by economic hitman.


[quote author= Ant22]Whenever the topic of Putin comes up in conversations with 'Putin sceptics', (or MSM propaganda indoctrinated thinkers) I usually try to avoid a full-blown opinionated argument that would most likely follow if I stated my support for Putin explicitly. I simply say that "whatever you're accusing him of there is one thing that makes him a great leader: he's always took care of his own country, his people and his allies. Whatever your opinion of him is, wouldn't you want your/our country to be led by someone who does that for you?" So far no one said 'no' [/quote]

Exactly, Vladimir Putin struck a new path with Russia. Russian oil and gas contracts were terminated; Multinationals paid nothing because of the so-called Profit Sharing Agreements. Thanks to the nationalization of Russian oil and gas resources, the state treasury grew. Government debt fell from 160 to seven percent of GDP, the dependence on the energy sector is still only 20 percent, the economy is growing and thus a new middle class. (I got this mostly right I believe)

That's the cool thing about economic facts, they speak for themselves. While the west, by bending the rules where possible (Printing money out of thin air) Try to keep their economies afloat, but it's a death horse.


Anyhow, great to hear Russia actively began to repay debts under the presidency of Vladimir Putin, the world should take note of that!