Times of Oman
Price in RO
24ct / gm
22ct / gm
Forex Rates vs R01
Back to Homepage
Russia PM, EU economic crisis 'serious threat'
November 26, 2012 , 3 : 00 am GST
SAVE THIS ARTICLE
Russia's Prime Minister Dmitry Medvedev (L) speaks during an interview with reporters in the Gorki residence outside Moscow. Pic:AFP
Prime Minister Dmitry Medvedev said that Moscow was nervously watching the economic crisis in the European Union, which he said represented a serious threat to Russia's own economic performance. In a joint interview with Agence France-Presse and Le Figaro, Medvedev complained that EU leaders sometimes lack the "energy and will" to solve their problems amid squabbles over whether to back austerity or growth.
"We see this as a very serious threat," said Medvedev ahead of a working visit to Paris starting Monday for talks with President Francois Hollande. "We are to a large extent dependent on what happens in the economies of the EU." Medvedev noted that EU states account for half of Russia's trade volume while Moscow holds some 41 percent of its foreign currency reserves in euros.
"We are watching nervously. Sometimes it seems our European partners lack the energy and will to take decisions. And there is that endless dispute of what is better, fiscal consolidation or development," said Medvedev. "It seems our European partners are moving towards an agreement but the main thing is that it is not late," he added.
He was speaking as talks on the European Union's trillion-euro budget ended in deadlock Friday as leaders of the bloc's 27 member states failed to overcome seemingly irreconcilable differences on how to reduce spending. Medvedev said that Russia is paying particular attention to what he described as the "weak links" in the euro zone such as Greece and Spain.
But he emphasised that Russia has no intention of moving out of euros in its reserves even though he acknowledged bringing up the importance of the currency in conversations with EU leaders. "So I have always said to my colleagues, including the president of France and German chancellor, that we very much hope that the euro continues to exist as a stable reserve currency."
Rate this Article
Rates : 0, Average : 0
Post a Comment
Did you like this section? Leave a comment!
Your Name :
Your Email Address :
Your Comment :
Enter Image Text:
No Comments Posted
Latest in this section
Remote villages to get electricity
Ukrainian rebels vent frustration with Putin
Israel's bloody onslaught on Gaza claims more than 1,300 Palestinian lives
Ransom paid by European governments now Al-Qaeda's major funding: New York Times report
Kerry heads to New Delhi to improve US-India relations
TOP RATED ARTICLES
Oman road accident: Seven killed in crash near Haima
Number of Omanis joined 'Oman stands Palestine' amidst growing support and calls for peace march
Eid holidays will leave thousands of consumers to cope with cash crisis
Saleh Al Shaibany
‘Tabseel’ spurs economic boom in Al Mudhaibi
Formula One: Rosberg on pole after Hamilton hopes go up in smoke
More in News
More than just a moustache - Adolf Hitler vs Charlie Chaplin
Urban gardens greening Berlin rooftops, airfield
Italian violinist strikes a chord with street children
Tips for writing a good article
How to choose your writing form and communicate your creative thoughts
Natasja Engholm - Special to Times of Oman
More in Features
Of the tipping point of Vladimir Putin
Arrogance will one day destroy America
Media doesn’t tell real story of Middle East
Syrian ‘moderates’ aren’t so moderate in Iraq
Isis is the backlash of an unreal revolution
More in Columns
Copyright © 2012 Muscat Press & Publishing House SAOC. All rights reserved. Times of Oman is not responsible for the content of external internet sites.
For reprint rights contact:
TOO Online Editorial