MOSCOW (AP) -- At the outset of this year, Russia proudly proclaimed itself an island of stability at the annual economic gathering in Davos, setting itself apart from the tumult of the global financial crisis.Then came the war with Georgia, which some here regard as Russia's 9/11.Within hours of Russia's retaliation to Georgia's move to take back its breakaway republic of South Ossetia, Russia had attracted widespread condemnation and threats of isolation and expulsion from the international community."For the first time since the Crimean War, Russia has no allies," said Garry Kasparov, chess grandmaster turned opposition politician. "We are encircled by countries that are either suspicious or alienated and very angry."On the economic front, investors are hightailing out of Russia, while Western politicians have hinted at sanctions, visa restrictions and even the denial of Russia's right to host the 2014 Sochi Winter Olympics.Increasingly cut off from the global world, Russian President Dmitry Medvedev risks undoing many of the successes of the past 10 years, ranging from the country's robust economic growth to a growing sense of national prestige and purpose.Stock markets plunged, and more than $7 billion was pulled out of the country in just three days, exposing the fragility of Russia's nine-year economic boom.The economy was already under strain.
MOSCOW (AP) -- At the outset of this year, Russia proudly proclaimed itself an island of stability at the annual economic gathering in Davos, setting itself apart from the tumult of the global financial crisis.
Then came the war with Georgia, which some here regard as Russia's 9/11.
Within hours of Russia's retaliation to Georgia's move to take back its breakaway republic of South Ossetia, Russia had attracted widespread condemnation and threats of isolation and expulsion from the international community.
"For the first time since the Crimean War, Russia has no allies," said Garry Kasparov, chess grandmaster turned opposition politician. "We are encircled by countries that are either suspicious or alienated and very angry."
On the economic front, investors are hightailing out of Russia, while Western politicians have hinted at sanctions, visa restrictions and even the denial of Russia's right to host the 2014 Sochi Winter Olympics.
Increasingly cut off from the global world, Russian President Dmitry Medvedev risks undoing many of the successes of the past 10 years, ranging from the country's robust economic growth to a growing sense of national prestige and purpose.
Stock markets plunged, and more than $7 billion was pulled out of the country in just three days, exposing the fragility of Russia's nine-year economic boom.
The economy was already under strain.
This whole thing looks and feels like everyone piling on, trying to get their 15 minutes of fame before the molehill re-de-serts itself in the non-summer news cycle. Never underestimate their intelligence, always underestimate their knowledge.
Frank Delaney ~ Ireland
