Russia: We foretold coming of econ crisis

PRESS TV
Friday, October 31, 2008

Moscow regrets that its warnings of a potential economic crisis stemming form a malfunction in the US’ financial system were met with inaction.

“Unfortunately, no decisions were made” based on Russia’s repeated warnings of “negative potential of the American financial system since the beginning of this year,” ITAR-TASS quoted Russian President Dmitry Medvedev as saying on Friday.

“This potential has developed into a full-scale financial crisis,” he added.

The economic disarray had also elicited grave messages from the Russian leadership earlier in the month with the Premier Vladimir Putin blaming Washington for the global financial woes.

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The Russian trade and stock market have had their fair share of collapses thanks to the situation in the US financial structure created by sharp deterioration in housing market triggered by credit crunch.

• A d v e r t i s e m e n t

“All the [July G8] summit in Japan did was voice the necessity of dealing with these problems,” Medvedev said.

The Russian leader added that he would raise the subject in his state of the nation address to the parliament next week.

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