Mark Carney’s claim that Britain has escaped a “debt trap” common to Eurozone states has been dismissed by UK economist Michael Burke as “delusional.” Burke says Britain's debt has merely been transferred from private firms to UK homeowners.
The EU is expected to extend and add new sanctions against Russia Thursday. They could include blocking Russia from the SWIFT global payment network, or further actions to block Moscow from Western lending.
In the short-term being removed from SWIFT would be a problem for Russia, but in the long-term it’s an archaic analogue system for payments which should be replaced by fully digital technology, Patrick Young, expert in global financial markets, told RT.
While the West may try to slap Russia with more sanctions, the SWIFT banking payment system will try to stay out of political crossfire, economist Max Fraad Wolff told RT, adding that if it eventually gets weaponized, an alternative will emerge.
Iran and Russia are planning to switch their bilateral trade to national currencies for which the states will create a joint bank or a mutual account, Iran's ambassador to Russia, Mehdi Sanaei, has announced.
Russia’s response to a possible cut-off from the SWIFT international banking payment system will be “unrestricted,” Prime Minister Dmitry Medvedev vowed. The West is pushing for hitting Moscow with more sanctions as the Ukraine crisis deteriorates.
US-based credit rating agency Standard & Poor’s has cut Russia’s sovereign rating to BB+, leaving it below investment grade for the first time in a decade. Moscow termed the decision "overly pessimistic."
The Russian economy is suffering from certain economic problems such as low oil prices and sanctions, but they are not chronic, just more like a virus that’s quick to cure, Andrey Kostin, head of Russia’s second biggest bank VTB told RT.