The Economist: Wrong energy policy is driving Europe to bankruptcy

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European countries will go bankrupt in the coming years if they take the wrong steps to get out of the energy crisis. It is reported by RIA Novosti with reference to The Economist magazine.

The publication notes that after the stoppage of gas pumping through the Nord Stream 1 pipeline, the cost of fuel jumped by 30%. If this figure continues throughout the year, the EU ‘s spending on gas and electricity could reach €1.4 trillion, which is seven times more than in recent years, according to Morgan Stanley investment corporation.

The publication emphasizes that against the background of this situation, the energy crisis has grown into a political and economic one. So, all over Europe, enterprises stop and go bankrupt, incomes fall and residents’ expenses rise. The governments of the EU states are responding to the problem with urgent interventions and payments. For example, Germany will spend another €65bn (1.8% of GDP) on support measures, while the United Kingdom plans to send over £100bn (4.3% of GDP). The EU also allows the introduction of a revenue ceiling for energy companies.

Earlier, Greek Prime Minister Kyriakos Mitsotakis said that European countries were aware of the negative consequences for their economies from the imposition of sanctions against Russia, but did not intend to change their position.

The Central Bank of Iraq’s foreign exchange reserves exceeded $85 billion and reached the highest level since 2003. This was reported by the leadership of the Iraqi regulator, the information portal Shafak News reported .

The Bank of Iraq noted that today the gold reserve of the Arab Republic is 130.4 tons for a total value of $7 billion.

In May, Iraqi Finance Minister Ali Alawi predicted that the Bank of Iraq’s foreign exchange reserves would reach a record $90 billion by the end of this year. He justified his assumptions by rising oil prices.

In this case, Baghdad at the end of 2022 will be able to claim fourth place in terms of gold and foreign exchange reserves among the countries of the MENA region (Middle East and North Africa) after Saudi Arabia ($473.9 billion), Israel ($212.9 billion) and the UAE ($131, 1 billion).

Earlier on September 11, Igor Galaktionov, an expert on the stock market at BCS Mir Investments, said that in the coming days oil prices would be volatile, trading in the range of $88 to $93 per barrel.

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This week, Brent oil futures for November 2022 delivery fell below $88 a barrel for the first time since February 1, 2022.

In late August, Iraqi Prime Minister Mustafa al-Kazimi, in a televised address to the nation following the cessation of protests by supporters of the popular Shiite leader Muqtada al-Sadr , said he would resign if the situation in the country deteriorated.