Half-way stop in financial system reform disastrous

CARACAS, August 24 (Itar-Tass) — The U.S. government’s debt and the situation in the euro zone demonstrated that it is disastrous to stop half-way in the process of reforming the international monetary and financial system, Russian Foreign Minister Sergei Lavrov told a news conference after the talks with his Venezuelan counterpart Nicolas Maduro on Wednesday.

“We consider current problems in the world economy systemic,” he said. “The relevant agreement was reached at the very beginning of operation of the G20, when concrete decisions targeted at a radical reform of the existing international monetary and financial system were taken.”

“When the crisis was slightly defused, the leading western nations felt a temptation to stop half-way and to try to keep the maximum of what had existed in the pre-crisis system,” Lavrov said.

“The U.S. debt and the situation in the euro zone proved that a half-way stop is disastrous,” he said.

The Russian diplomat expressed confidence that all agreements within the G20 should be fully completed.


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