Yaroslav Lissovolik, Deutsche Bank Russia: (private)
Yaroslav Lissovolik, chief economist at Deutsche Bank Russia: In some ways, Russia is better prepared for the second wave of the crisis. The comparison in favour of today is with regards to corporate balance sheets. On the micro level of individual enterprises, we’re seeing a better picture in terms of less currency risks, less currency mismatches, less leverage, and less debt that is accumulated, especially if
we’re talking about short-term debt. But at the same time if you take the sovereign level, if you take the country level, we do see that the level of fiscal reserves, the level of forex reserves is somewhat lower compared to 2008. So, on balance, Russia’s corporate balance sheets are stronger now.That should mitigate to some degree the negative implications of this volatility. And hopefully the crisis will not be
as pronounced because of the stronger corporate balance sheets.”
we’re talking about short-term debt. But at the same time if you take the sovereign level, if you take the country level, we do see that the level of fiscal reserves, the level of forex reserves is somewhat lower compared to 2008. So, on balance, Russia’s corporate balance sheets are stronger now.That should mitigate to some degree the negative implications of this volatility. And hopefully the crisis will not be
as pronounced because of the stronger corporate balance sheets.”
07-09-2011
