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Putin: New Policy, Not Bailout!

Sept. 22, 2008 (EIRNS)—Russian Prime Minister Vladimir Putin called for a new international financial architecture rather than bailouts, in a press conference in Sochi, the Russian summer capital, on Sept. 20. Putin had been holding discussions with the French Prime Minister Francois Fillon there, Itar Tass reported.

"We all need to think about changing the architecture of international finances and diversifying risks. The whole world economy cannot depend on one money-printing machine," Putin told the final press conference after the meetings. "This is a very serious issue that should be addressed in a calm, attentive and working manner, without haste, together with our colleagues from Europe and America," Putin said. "This issue should be considered not in a confrontation-like way, but very benevolently, in order to find the most acceptable ways for the development of the world economy and world finances."

French Prime Minister Francois Fillon said he would put forth several initiatives within days for dealing with the world financial crisis. He called for "transparency," and said the two sides would be working on the issues in the coming weeks. "I wouldn't say we have survived the crisis," Fillon said. "There was a huge impact on growth in the world and Europe."

Putin's remarks echoed those of President Dmitri Medvedev on Sept. 19, when he called for international cooperation on the financial and economic crisis. Today, Medvedev also brought up this need, with regard to food and raw materials price inflation, in particular. Speaking in Kazakstan today after a meeting with President Nursultan Nazarbayev on border-region cooperation, Medvedev said:

"The financial crisis, which is creating many difficulties for the world economy, makes it necessary to seek joint responses to this crisis. The more coordinated the actions of nations are, especially close partners, the easier it will be to overcome the consequences of the crisis. Equally complex processes are occurring with the rise of prices for raw materials and food. On the whole, we see that the current global system of managing these processes is inadequate for the demands of today. There is a lot of talk about this, but unfortunately a new system for maintaining global economic equilibrium has not yet been created, and entire economies are paying the price for the fact that there is not yet such a system."