Weak Measures Aggravate Global Economy – Putin

The international community needs to take decisive measures to resolve the global financial crisis, while half-hearted measures only make things worse, President Vladimir Putin said on Thursday.

“Along with finance and budget deficits, we unfortunately see a deficit of decisive action,” Putin said at the opening of the St. Petersburg international economic forum.

“As we see, many principal and obvious steps are delayed due to political, party, group contradictions, and the prevailing internal political developments in the leading world economies, while half-hearted measures only aggravate the situation; risks in Europe are on the rise and mistrust is increasing in trading floors,” Putin said.

The global economy is sending alarming signals, he said.

“There are a lot of imbalances, and also a lot of debts have been accumulated,” Putin said.

Some factors, such as the results of the recent parliamentary elections in Greece, where pro-European parties won a majority of seats, were encouraging, Putin said.

“The results of the Greek elections, the resolve of the European Commission and European Union leaders as a whole and some leading European countries to instil financial discipline and remove imbalances in the economy inspire cautions optimism,” Putin said.

Russia plans to continue providing assistance to European countries, Putin said.

“Despite the well known problems in the eurozone, we keep a considerable part of our international reserves in the euro and are not taking any unilateral measures that may aggravate the already difficult position of the single European currency,” Putin said.


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