Budget crisis of the regions in 2013 - 2015: a threat to Russia's security

The article continues the series of publications on the issues of budgetary sufficiency of the territories. Judging by the main budget parameters, the 2013 - 2015 period will be a serious challenge to the strength of sub-national budget systems. In the conditions of an acute debt crisis, Russian regions have to take up the bulk of public obligations of the Russian Federation concerning the implementation of the President’s election programmes. Of special concern is the reduction of federal financial support, which creates additional risks for the territorial budgets burdened with loans. However, despite the gravity of the situation, there still exist the reserves for implementing the President’s assignments and stabilizing the country’s budgetary system. The main of them concern the necessity of conducting the state policy in the sphere of business capital exports.