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12 Oct, 2008 01:22

Russians feel impact of financial crisis

The effects of the world financial crisis are being felt by people in almost all areas of Russian society. Bank loans are not being given, jobs are being cut, and people are suffering from stress and worries about their future.

According to a recent study conducted across different regions of Russia, only 42 per cent of the population feels the approaching financial crisis, whereas 32 per cent do not believe they will be affected, while for the other 26 per cent the situation remains unclear.

Some Russian companies have started to experience losses directly caused by the crisis.

Russia’s biggest property developer Mirax Group has postponed several projects and expects further declines in real estate prices.

Despite that, its President, Sergey Polonsky, vigorously tried to reassure the media that there were no fundamental problems.
“You've seen that everything is working – that we are building – that people are buying flats, right? That cranes are running and projects are being done – you've got to show the real situation. People are buying apartments – full stop,” he said.

While some Russian business leaders are trying to calm the situation, the world's governments continue their fight to get the world's economy back on track.