Russian Prime Minister Vladimir Putin has announced double digit social spending increases for Russia, apparently in a bid to avoid protests similar to the Occupy Wall Street protests in the country.Putin announced the move in a meeting with 20 global CEOs. Reuters reports Putin’s explanation:
“Hundreds of thousands of people — not just a bunch of outcasts but hundreds of thousands — are coming out onto the streets to demand what their governments are unable to fulfil.”
“If this (social spending) does not take place, then we could get to a situation which we see in countries with developed economies.”
So far Russia hasn’t seen protests like those in New York, London and Rome, although there does appear to be some calling for it and there were some smaller protests earlier this month (only 38 people turned up though).
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