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MOSCOW, October 14 (Itar-Tass) — Russia’s decision on acquiring Spain’s debt securities depends among other things on the results of the EU summit on October 23, a high-level source in financial circles told Itar-Tass on Friday.
“Until Europeans take their decision, we can take no decision as well,” he said adding that the issue is being studied in a set of all problems related to the debt crisis of the eurozone.
Earlier on Friday, ratings agency Standard and Poor’s downgraded the long-term credit rating of Spain by one notch to AA- from AA and signalled further possible downgrades.
“Despite signs of resilience in economic performance during 2011, we see heightened risks to Spain’s growth prospects due to high unemployment, tighter financial conditions, the still high level of private sector debt, and the likely economic slowdown in Spain's main trading partners,” S&P said.
Earlier this month Fitch ratings agency also downgraded Spain by two notches to AA- with a negative outlook.
The Kremlin’s top economic adviser, Arkady Dvorkovich, told the forum dealing with the Sixth Millennium Development Goals (MDG-6) on October 10 that Foreign Minister Sergei Lavrov and ex-finance minister Alexei Kudrin met with Spain’s Finance Minister Elena Salgado to discuss Russia’s possible participation in solving the eurozone crisis and acquisition of Spain’s debt securities.
The first deputy head of the Central Bank of Russia, Alexei Ulyukayev, announced readiness to invest Russia’s international reserves into Spain’s government bonds.
“As far as I understand, the talk is about the reserve funds of the Russian government – the Reserve Fund and the Future Generations Fund. The Bank of Russia serves as operator of these funds. If such a decision is taken and the relevant entry is made in the investment declaration, of course, we will fulfil the owner’s will,” Ulyukayev said after the meeting of the president’s council for financial markets.
Along with this he noted that the issue of investing funds into Spain’s sovereign bonds “is not easy as concerns risk assessment.”