Topic: Global financial crisis
MOSCOW, October 2 (RIA Novosti)
- Russia Prepared for Second Global Crisis, Putin Says
- Russian Banks to Escape Worst of Eurozone Debt Crisis – S&P
- Russia Studies Crisis Budget Options – Finance Ministry
- Putin Outlines Steps to Address Looming Crisis
- Russia May Budget $6 Bln for Corporate Crisis Aid in 2013
The Russian government is prepared to implement anti-crisis measures next year, if a deteriorating global economic environment affects the domestic economy, President Vladimir Putin said on Tuesday.
“If external economic conditions deteriorate dramatically in 2013, we have mapped out anti-crisis, insulation measures, including mechanisms for re-distribution of budget spending,” Putin told the fourth annual investment forum, Russia Is Calling, sponsored by VTB Capital, part of the country’s second largest bank VTB.
These measures will be implemented only if necessary, Putin said, adding he hoped there would be no need for them.
In case of a crisis, the Russian government intends to swap federal loan bonds for banks’ securities to raise their capitalization and help them weather the financial and economic meltdown, he said.
“Besides, the government will grant additional state guarantees for companies operating in strategically important sectors,” Putin said, adding these measures would help stabilize the Russian economy in virtually any scenario.
“But we see the main guarantee for stability in maintaining the policy of economic growth, encouraging business activity, trade and investment,” Putin said, and highlighted the importance of Russia’s accession to the World Trade Organization this year.
“The participation in this organization is a key external economic priority for us. We expect this move will positively influence investors’ sentiments and open the way for promising projects,” he said.
Russian Economic Development Minister Andrei Belousov said earlier on Tuesday Russia will be able to balance its social obligations and defense spending with minimum annual GDP growth of 4-4.5 percent by tapping its investment potential.
The Russian government expects GDP to grow by 3.5 percent this year.
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If attempts to drag Russia into a direct military conflict in Ukraine are successful, it would be a catastrophe for Russia comparable to the 1979-1989 Afghan war. There is no direct evidence that the US is trying to bring about a second Afghan war, but indirect evidence abounds.