Russian economy 'won't be nationalized'
As the US and China led in the reduction of interest rates, Russian Prime Minister Vladimir Putin rules out any state nationalization of the economy. However, Putin also stated that "increasing the state's presence in the economy is a forced measure and is temporary."
Thu, 30 Oct 2008 01:53:32 GMT Russian Prime Minister Vladimir Putin has ruled out any possibility that the Russian economy would be nationalized. "I would like to stress that imposing state controls on Russia's economy is not, cannot be, and will not be our task. Increasing the state's presence in the economy is a forced measure and is temporary," Putin told an economic conference on Wednesday, RIA Novosti reported. "Half measures will not bring the desired result," he added. Russia has suffered as a result of the global credit crisis and its' stock markets have lost around two thirds of their value since their May highpoints. This resulted in the government and the Central Bank taking urgent measures to inject billions of US dollars into the domestic stock market to support the liquidity of leading market players. Using Russia's national development vehicle 'Vnesheconombank', the Central Bank granted $50 billion in subordinated loans to Russian companies and banks as well. The Central Bank has also helped out by holding unsecured loan auctions from October 20. SM/RE. Original source at PressTV