禁忌四Russia Business Report → Europe’s debt crisis could tip the world economy into recession
Europe’s debt crisis could tip the world economy into recession, says the International Monetary Fund
安徒生作者简介Russian offshore oil and gas rerves could more than double within the next 15 years
Iran could terminate oil sales to Europe in the nearest future座组词
Europe’s debt crisis pos a threat to the world economy potentially tipping it into a recession, said the International Monetary Fund. The organization cut its estimate for global growth for this year from 4% to 3.3% in November, warning that the figure could drop as low as 1.3%.
IMF chief economist Olivier Blanchard said last week that “the epicenter of the danger is Europe but the rest of the world is increasingly affected. There is an even greater danger, namely that the European crisis intensifies, and in this ca the world could be plunged into another recession. With the right t of measures, the worst can definitively be avoided and
the recovery can be put back on track. The measures can be taken, need to be taken, and need to be taken urgently,” Blanchard concluded.
The IMF stresd that the debt crisis threatens to spill over to the US and emerging markets. Bloomberg reported that such a development will require a bigger financial firewall, more bank recapitalization and limits on bank deleveraging, which exerts additional pressure on the economies of the countries. Among the emerging markets, Eastern Europe is “particularly vulnerable” as the region has heavy inter-linkages with Western European banks.
The organization is calling for swift action by European politicians to resolve the situation in the union. The bloc should u its Global Financial Stability Facility in order to contain worning financial situation, the IMF recommended. “To establish confidence, it would be highly desirable to increa the size and flexibility of the facility at the earliest possible opportunity,” the organization said.
Russia among other countries stands ready to provide loans to the IMF to enhance its bai
lout resources. The country’s nior officials, including Finance Minister Anton Siluanov, reiterate that they are prepared to step in, but want other states to provide financial help too. RT television channel quoted Siluanov as saying that “We are ready to consider the issue, if other participants would also make a contribution, it would be more effective.” Russia is ready to provide up to $15 billion to the fund.
The head of the fund Christine Lagarde said earlier that the organization is eking to rai additional $500 billion to ensure sufficient rerves available for countries struggling with the effects of the euro zone crisis.
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Russian offshore oil and gas natural rerves could more than double in the next 15 years, if the country follows Brazil’s example in attracting foreign investment, stated the Bank of America corporation. The bank reported that Russia could quite possibly add 6 billion barrels of proved and probable rerves, as well as gain additional revenue and a higher valuation for its oil and gas producers.
In a report prepared by the bank’s Merrill Lynch unit, analysts cited inaction as the largest
risk to developing offshore rerves in the country. Russia restricts development of fields in its waters to state companies, though it’s considering adjusting the laws to allow more firms into offshore exploration to form ventures for field developments.
纸幡Merrill Lynch recommended that, like Brazil, Russia should take active steps to allow private companies into licensing rounds for offshore rerves. Also the country should consider forming joint ventures with foreign partners and adopting “a comprehensive, clear and sustainable” tax regime. “We do not believe that status quo on taxation or one-off tax breaks are enough to attract adequate investment to the industry,” reported the bank’s head of Emerging Europe, Middle East and Africa Oil and Gas Rearch Karen Kostanian.微信名称女
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季节单词In another twist in the Iranian oil dispute, Iran said it could terminate oil sales to Europe already this week. The threats came as Iranian officials repeated their intention to re-engage in negotiations with the Western states over its nuclear program.
Last week the European Union decided to boycott Iranian oil starting from July 1. The del
ayed start of the boycott will give European importers time to arrange alternative sources of supply and avoid abrupt disruptions in the market that could cau a price spike.
And the global oil major Royal Dutch Shell already predicted the EU Iran sanctions as pushing up oil prices. Shell is considered one of the biggest consumers of Iranian crude oil. Its chief executive Peter Vor said in Davos on Friday: “We’re a European company and therefore we’re affected by the sanctions and we will obviously oblige and implement the sanctions.” Answering the question who would benefit or lo from the EU measures against the Islamic Republic, Vor said: “From a pure commercial prospective, the lors are consumers becau at the end of the day it gives us more volatility and upwards pressure on the oil price.”
