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Vladimir Putin calls to leave extravagant financial rescue packages

29 January 2009 08:50 (UTC +04:00)

Moscow â€“APA. â€œThe world financial crisis arose from the inefficiency of the financial institutionsâ€, said Russian Prime Minister Vladimir Putin in his speech at the opening of the World Economic Forum in Davos, APA reports. He said poor management of the financial processes and disbalance between the credit needs and sources caused the crisis. Exaggerated hopes lead to the current world crisis, said Putin and called to leave the extravagant financial rescue packages, virtual money, exaggerated reports and doubtful rates. On the need for energy independence and security, Putin proposed the expansion of Russian gas and oil supplies to Asia and Europe. He called for the expansion of the range of reserve currencies and the diversification of financial centers.