World Bank economist Sergei Ulatov is comparing Greece to Russia in 1998
; and a separate report considers the likelihood of Russia facing a similar debt crisis
to that currently being experienced by Greece, at some point in the next decades. The Moscow Times reports on how the high resale value of Russian automobiles
is creating obstacles for leasing firms to crack the market. Tour operators believe that currently low levels of tourism are due to too much red tape
involved in the visa process. U.S. fast food chain Wendy’s/Arby’s
says that it considers Russia to be ‘the best and most important market for us to enter.
‘ ‘The company’s rational[e] for entering Russia is easy to see. According to Skehan, within five years, the company should be ringing in sales of $1.5m to $1.6m a year at each Russian restaurant.
‘ Mobile operator Vimpelcom has raised $2.2 billion
via a Eurobond issue. Russian stocks are tumbling
(the most in seven weeks) along with the oil price.