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MOSCOW, October 11 (Itar-Tass) — Russia is mulling buying Spain's debt obligations, as presidential aide Arkady Dvorkovich stated on Monday. The purchase of risky securities may lead to ineffective use of Russia's state funds, experts warned. At the same time, the collapse of the euro would lead to landslide devaluation of the rouble.
"We expect the European countries to announce a concrete, understandable strategy of pulling out of the crisis. If support on the part of Russia and other BRIC countries (Brazil, Russia, India, China, South Africa) is needed within the framework of this strategy, we'll be ready to provide such support," the "Novye Izvestia" quoted Dvorkovich as saying.
The newspaper recalls that in March 2011, the Russian Finance Ministry put Spain on the list of countries eligible for investments into its debt obligations by the National Welfare Fund. "We have far fewer apprehensions regarding Spain than Greece, because very serious measurers are being taken, and there are no such risks there (in Spain)," Arkady Dvorkovich said in the summer. Some time later, First Deputy Chairman of the Central Bank Alexei Ulyukayev stated that Russia had no plans to buy Spanish bonds yet.
If the sovereign debt crisis that stems from the global financial crisis, collapses the euro and the pound, everybody will suffer, especially Russia, which is too much linked with the EU, the "Moskovsky Komsomolets" writes. So one should treat Arkady Dvorkovich statement about Russia's readiness to buy part of the bonds with utmost seriousness.
It is better to buy a portion of the depreciating state securities of problem countries in the euro zone and thus throw one's weight behind them in the struggle against the debt crisis than encounter landslide devaluation of the rouble after the collapse of the euro. Russia, as other G-8 and G-20 countries, will have to shell out (more compared with the aid to the poorest nations) in order to prevent or at least smooth over the consequences of the second wave of the crisis.