MOSCOW - Russia's Prime Minister Vladimir Putin has promised today that Russia would come out stronger from the crisis triggered by what he described as the U.S. recklessness.
Putin says the current global financial system made the crisis "impossible to avert."
Addressing a meeting of the main pro-Kremlin United Russia party, Putin said that cheap money doping and mortgage troubles in the U.S. have caused a real chain reaction, paralyzed the global financial system and brought global distrust to the market.
But he acknowledged that "low diversification of the national economy and its low efficiency" made Russia more vulnerable than it could otherwise have been.
Putin, however, sounded confident that Russia would emerge stronger from the turmoil, saying "Russia can and must come out of the global instability stronger and more competitive."
Putin promised that Russia's currency reserves generated during oil boom "will ensure the stability of the Russian budget system for the coming years, with no dependence on world oil prices or traditional export goods."
