Medvedev: Russia can emerge from financial crisis stronger economy

Russia has not got into the difficult situation brought by global financial crisis and may emerge from it a stronger economy, President Dmitry Medvedev said Thursday. “I will tell you frankly that Russia has not yet fallen into this difficult turmoil and has chances to avoid it. It must avoid this,” Medvedev said in a video blog posted on the Kremlin website.

The country has taken a series of measures, which would soon rebuild confidence in the financial sector and ensure a stable situation on the financial market, he said.

“We have a chance to avoid the currency, banking and debt crisis, to overcome today’s difficulties without losing the potential we have created,” he said, adding that the crisis offered a chance to modernize various sectors of the Russian economy.

“It is inevitable that new competitive companies will emerge through the consolidation of assets in different sectors. We will be ready to take necessary measures and provide additional financing for these purposes,” he said.

The Russian president said he intended to push his ideas at a summit on the financial crisis scheduled to be held in Washington on Nov. 15.

“There should be more financial centers, more reserve currencies, more mechanisms for collective decision-making. We all shall gain from this, and our partners will gain as well,” said Medvedev.

The current global credit crunch, which started in the United States and quickly spread to Europe and Asia, has resulted in record losses in Russia’s financial markets, rising interest rates and a liquidity shortage.

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