How will editors in the Russian press craft their year-end stories? Will they lead with a burst of nationalism, celebrating the extravagant Sochi Olympics and the violent annexation of Crimea from Ukraine? Or are they still reeling from Monday’s collapse of the ruble, which has lost 50% of its value this year against the U.S. dollar? Monday’s hike in the central bank rate from 10.5% to 17% would provide a handy news angle to write those prospective 2015 stories on the theme of economic hardship. If oil stays at $60/barrel, Russia could face a devastating 4.5% drop in GDP next …read more
Source: National Post
