A public debt in the broad sense of the word is the aggregate external and internal obligations of the federal and regional authorities, as well as of all municipalities. We make a reservation that it does not include the debts of state corporations, only Gazprom owes about 4 trillion rubles. The total public debt is now 16,2 trillion rubles, that is, 15% of the country's GDP, which is unusually small by world standards.
Russia in this aspect is a unique and extremely reliable borrower. “Kudrin’s scissors”, cutting off excess profits from the sale of oil, allowed the government to create a very impressive financial pill. The total assets of the regulator’s reserves currently exceed the national debt by 1,25% of GDP. This is gratifying, but is there anything particularly rejoicing for ordinary Russians?
Pay all debts?
It is no secret that the developed capitalist countries are trying to drive the developing countries into financial bondage by hanging a debt noose around their necks. For example, today, Western lenders are demanding from Kiev "big privatization" as a condition of payment and the issuance of new external tranches. And Nezalezhnaya will not go anywhere, it will give everything back, and that's why.
History knows attempts to combat such financial expansion of big business. In particular, Romania in the seventies of the last century was planted on the “credit needle” of the West, which made it totally dependent on the “grace” of foreign financiers. The Romanian leader, Nicolae Ceausescu, made a strong-willed decision to get rid of this noose and began policies austerity in the country in order to pay all external debts.
As a result, the task was completed, but at a high price. Romania at that time became one of the poorest countries in Eastern Europe. Ceausescu quarreled not only with the West, but also with the Soviet leadership, headed by M. S. Gorbachev, saying:
Rather, the Danube will reverse, than the restructuring in Romania.
Deprived of the support of the USSR, Ceausescu was declared in the Western media "a Romanian dictator who commits heinous crimes." At the end of December 1989, the head of state was overthrown, he and his wife Elena appeared before the tribunal, which in just two hours convicted them of destroying the national economics and genocide. The sentence was carried out on the same day, despite the fact that the couple had 10 days to appeal it. The couple Ceausescu was shot on the street near the soldiers' restroom.
This is such an instructive story for those who want to get rid of the Western debt noose.
Invest in Russia?
The question of the need to invest accumulated reserves in the Russian economy was raised repeatedly. But things are still there. Our financial authorities and debts prudently do not pay off, and do not invest money in the country, frightening sinister inflation.
It is likely that the policy of investing petrodollars in foreign economies will continue. But one must understand very clearly that at any moment, at the suit of the same Ukraine, assets can be seized by an American or European court and confiscated. On the other hand, officials from the Central Bank of the Russian Federation and the Ministry of Finance are not risking their own personal money, right?