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Chukotka is Bankrupt
May 21, Chukotka Autonomous Area is virtually a bankrupt, according to RF Accounts Chamber, which made this conclusion based on a checkup of budget money use.
“Results of our investigation show that the region is virtually bankrupt, Accounts Chamber auditor Sergey Ryabukhin declared at a press-conference.
He explained that the area’s overall public debt as of January 1, 2004 made 9.3 billion rubles, a figure, which 2.5 times exceeds Chukotka’s revenue, which made 3.9 billion rubles in 2003.
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