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The Kremlin Deliberates on Subprime Crisis
Russia’s President Vladimir Putin, economic bloc of the cabinet and key bureaucrats of president’s administration met yesterday to deliberate on financial sector, including the actions of CBR and the government taken in time of subprime mortgage crisis. Unlike the United States, Russia has no problems in this field, Putin said in public.
In terms of the strength, that meeting in Kremlin became one of the most prominent get-togethers of top-ranked bureaucrats of the country. Indeed, Putin himself chaired it, and the government was represented by Prime Minister Viktor Zubkov, Vice Premiers Dmitry Medvedev and Alexei Kudrin, Economic Development Minister Elvira Nabiullina, Agriculture Minister Alexei Gordeev. Chief of Putin’s administration Sergei Sobyanin, chief of president’s expert department Arkady Dvorkovich and president’s aide Igor Shuvalov stood for the president’s office, while CBR head Sergei Ignatyev represented banking authority of the country.
The official subject was legacy of former Economic Development Minister German Gref - the RF Concept for Social and Economic Development till 2020. But the venue of the event, the hall of Security Council, and the general refusal to comment on its results signal the officials might have focused on current issues of extreme significance.
The only source of information is Vladimir Putin himself. The Kremlin’s news service released his opening speech at www.kremlin.ru. It emerged that the meeting was dedicated to “strategic elaborations” of the government, including short-term development of financial system and the effect of the global liquidity crisis on it.
Putin emphasized that the problems of Russia’s market were triggered by “problems of crediting the real estate in the United States’ and the actions of the CBR “enabled us to pass by these fluctuations on the global markets easily and without any shock.”
www.kommersant.com
All the Article in Russian as of Nov. 02, 2007
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