Year of Reckoning: coming threat of default of the Russian regions

Legislation Rules igry10-03-2009 Year of Reckoning: coming threat of default of the Russian regions last few years, the Russian regions actively borrowed money, filling up the debt market for its bonds. Today is the day of reckoning is approaching. Peak repayments on bonds falls exactly at the time of crisis - to the regions simply have nowhere to take the money. It is time to wait for regional defaults. Regional bond market, the crisis was buried in 1998, returned to life in late 2001, then to Moscow and St. Petersburg, who have pioneered, and began to join other members of the Federation. First in November 2001 did Bashkortostan, and a month later its example was followed by the Komi Republic and the Leningrad region. For the regions, it was relatively easy and quick way to patch holes in the budget to find funds for major projects (if investors have not pulled themselves together and start building very much like). Appetites of investors to the regions have taken to heart. In operations with subfederal debts (excluding Moscow), they could earn 25% per annum, while the "blue chips" - only 14%. At 2005 - 2006 года fell "boom" issue regional bonds when their nominal value is estimated at several hundred billion rubles. Economic growth in the country, accompanied by broadening the tax base, as well a positive effect on regional budgets in 2005-2006, which provided investors with an additional offense.