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Putin says Russia will come out stronger from financial crisis

20 November 2008, 16:13 | Associated Press
Putin says Russia will come out stronger from financial crisis
AP
Vladimir Putin addresses the tenth
United Russia Party Congress in Moscow
Moscow - Russia's Prime Minister Vladimir Putin has promised that Russia would come out stronger from the global financial crisis triggered by what he described as U.S. recklessness.

Putin says the current global financial system made the crisis "impossible to avert."

He says "cheap money doping and mortgage troubles in the United States have caused a real chain reaction, paralyzed the global financial system and brought global distrust to the market."

He was addressing a meeting Thursday of the main pro-Kremlin United Russia party. Putin, however, sounded confident that Russia would emerge stronger from the turmoil.

Finance Minister Alexei Kudrin said at the sidelines of the event that Russia's 2009 year budget may see a deficit of up to 1 percent, the first shortfall in years.

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