Yet some folks on here still think Russians everywhere will be entirely loyal to Putin and won’t care if they’re penniless and dirt poor.
There might be some stupid Russians out there who think like that but it won’t be the majority for long…….even in Russia, just like everywhere in this world, money speaks and leverages everything, including loyalty to a dictator who is stuck in the past.
nar_tapio_00 on
The article points out that, according the normal definition of a banking crisis (10% of loans are bad and will never be repid), Russia already has a banking crisis. However their “vulnerabilities have so far been masked by state-backed credit programmes, loan restructuring and government support, which would be unsustainable in the longer term”. That is now coming to a head and because they had to “forego normal credit checks and issue subsidised loans to defence companies and homebuyers to boost the economy and fund the war”, the normal protections that banks have in place against collapse are severely compromised.
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Yet some folks on here still think Russians everywhere will be entirely loyal to Putin and won’t care if they’re penniless and dirt poor.
There might be some stupid Russians out there who think like that but it won’t be the majority for long…….even in Russia, just like everywhere in this world, money speaks and leverages everything, including loyalty to a dictator who is stuck in the past.
The article points out that, according the normal definition of a banking crisis (10% of loans are bad and will never be repid), Russia already has a banking crisis. However their “vulnerabilities have so far been masked by state-backed credit programmes, loan restructuring and government support, which would be unsustainable in the longer term”. That is now coming to a head and because they had to “forego normal credit checks and issue subsidised loans to defence companies and homebuyers to boost the economy and fund the war”, the normal protections that banks have in place against collapse are severely compromised.