In Russia. Prime Minister Vladimir Putin says he will do his best to guide his country through the global financial crisis, but he also acknowledged that the process may be painful.
Speaking at the annual congress of the ruling United Russia Party on Thursday, Putin announced a stimulus package to help people who are losing out in the downturn.
Putin said he believes that, with large gold and foreign exchange reserves and funds accumulated during the years of high oil prices, Russia is in good shape to weather the crisis.
Vladimir Putin, Russian Prime Minister, said, "The reserves that we have accumulated have given us room to maneuver. They allow us to preserve macroeconomic stability and they will help us prevent a surge in inflation and a sharp change in the rouble rate."
Putin then laid out his vision for how his country will get through the crisis. He said the government will do everything in its power to prevent the global financial crisis from capsizing Russia's economy.
Putin also criticized the United States for triggering the crisis. He said mortgage troubles in the US have initiated a chain reaction that paralyzed the global financial system and brought global distrust to the market.
The global crisis has driven Russian stock markets down by over 70 percent since May. Putin acknowledged that low diversification, low efficiency, and insufficient development of the financial system all make his country's economy vulnerable. But he remains confident that Russia will emerge stronger from the turmoil.
(CCTV November 21, 2008)
