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Russian regions’ debts alarming, restructuring measures needed — Accounts Chamber

June 19, 2015, 10:17 UTC+3 ST. PETERSBURG
Russian regions’ debt to the federal budget stands at roughly $37.5 billion
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Russia's Accounts Chamber Chairwoman Tatyana Golikova

Russia's Accounts Chamber Chairwoman Tatyana Golikova

© Anna Isakova/TASS

ST. PETERSBURG, June 19. /TASS/. Russian regions’ debt to the federal budget has exceeded 2 trillion rubles (roughly $37.5 billion), Accounts Chamber Chairwoman Tatyana Golikova told RBC TV channel on Friday.

Restructuring the debt of Russian regions will help stabilize the situation, Golikova noted.

"Regional debt has slightly decreased in May last year. But the figure is still alarming - 2.093 trillion rubles - that is a large figure. The dynamics of shrinking commercial debts and growing share of budget debt has become approximately the same: 37% - commercial debts, 37.1% - budget debts. We need serious measures for restructuring," Golikova said.

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