Tax Revenues and Oil Prices

putin reply: A deep recession and plunging oil prices meant tax revenues were dwindling, according to The Moscow Times. Putin was unwilling to borrow to finance a growing budget shortfall. Putin reply was blunt: "We need the money." Russia was, after all, in a bind. So his ministers drew up plans to privatize assets worth 1 trillion rubles . The largest privatization since the 1990s, it would be enough to cover around two-fifths of the planned budget deficit of 3 percent of GDP. Still, many had their doubts. And he insisted that despite rock-bottom company valuations, there should be no sales at knockdown prices. Putin has never been keen to privatize. (news.financializer.com). As reported in the news.