Greece Default to Have Marginal Impact on Russia – Finance Minister

Greece's failure to meet its foreign debt payment will not significantly affect the economy of Russia, as Russian borrowers do not currently participate in foreign markets, Russian Finance Minister Anton Siluanov said Wednesday.

MOSCOW (Sputnik) – On Tuesday, Greece failed to meet a payment to the International Monetary Fund (IMF). Earlier, negotiations between Greece and its creditors for a modified reform program in exchange for additional funding from the European Union also failed.

"We're are not borrowing on international markets, so the impact of Greece's non-payment of foreign debts on Russia will be insignificant," the minister told reporters in the State Duma, the lower parliamentary house.

According to Siluanov, the Greek example suggests to Russia the importance of a balanced approach to public debt.

The situation in Greece will undermine the stability of the financial markets, Siluanov said, adding that Athens missing a $1.6 billion payment would not have a global economic impact but, for financial markets, it will "certainly have a negative impact."

Greek Prime Minister Alexis Tsipras announced a nationwide referendum on creditors' demands for spending cuts and tax rises and urged the voters to reject these proposals. The poll is to be held on Sunday.