The urgent attempts by Europe’s leaders to negotiate a solution to the crisis in Ukraine represent an open acknowledgement that the policy of sanctions has so far failed. Mr Putin continues to destabilise the Government in Kiev and to undermine its authority in the east of the country. They may also reflect a growing realisation that sanctions are in danger of backfiring. Greece faces a serious debt crisis but at least the debate on how to resolve that crisis is now being held in the open. we know the options and the risks. In Russia, however, there is another debt crisis which is going unmanaged and which could easily get out of hand. Read more
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