NEWSWATCH Wall Street Journal: “Vladimir Putin Warns Government May Cut Budget Over Oil Price Fall. Russian president says peak of crisis is over, sees return to growth next year.”

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The Wall Street Journal reports on Russian President Vladimir Putin’s December address, and prospects of Russian budget cuts prompted by oil-related economy downturns.

… Putin said on Thursday that the government may have to cut the federal budget because of a plunge in oil prices, but tried to reassure Russians that the worst of the economic crisis was over.

At a televised news conference that lasted more than three hours, Mr. Putin didn’t commit to immediate major overhauls that some government officials have called for to plug budget holes, such as raising the retirement age or selling stakes in state companies. Russia’s economy, which is set to contract 3.7% this year, will return to growth in 2016, as long as the oil price recovers somewhat, he said.

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