Russia. Finance Minister Dmitry Gur’ev, faced with the imminent prospect of a large deficit, has no choice but to print more money to reduce the deficit. He predicts that if there is another year of war, the Russian financial system will collapse completely. Gur’ev fears hyperinflation on Russian soil. But he is especially panicked by the huge quantities of Russian paper money spent by its army in Western and Central Europe, outside Russia’s borders. All this money is worthless there and will most likely soon return to Russia for conversion, with devastating effects for the ruble and the financial system.
