re: Update pg 23: Russia,IMO, will default on its sovereign debt within six months

quote:

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On the outside, Russia is governed by a legal-rational state. It has a system of laws, institutions and a bureaucracy that, at first glance, struggles to govern the country but is abused to such an extent that Russia is in constant danger of becoming a failed state. On second glance, however, it becomes evident that those laws and institutions often simply clash with the reality on the ground. Whatever Russia has, it’s not a failed state because it’s not really collapsing – largely because the more fluid, informal, and often irrational system of patrimonialism kicks in to govern the country.

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