RUSSIA WELCOMES G20 SUMMIT IN US WHERE CRISIS HAD ITS ORIGINS

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Thu, Oct 23 2008, 03:56:51 GMT
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Russia Welcomes G20 Summit In US Where Crisis Had Its Origins

MOSCOW (AFP)–Russia on Wednesday welcomed the White House’s
announcement that a summit on the global financial situation would
be held in the U.S., underlining the crisis had its roots there.

"It is very important that this meeting takes place in the United
States because the origins of the financial crisis are in the
U.S. financial system," Russian presidential spokeswoman Natalia
Timakova was quoted as saying by news agencies.

Timakova added that Russia noted the "positive reaction of the
Americans" to the proposal for the summit by French President Nicolas
Sarkozy.

On Tuesday, Russian President Dmitry Medvedev hit out at the ill
effects of U.S. financial policies and said the era of U.S. economic
dominance was over.

"The era of domination by one economy and by one currency has been
relegated to the past for good," Medvedev said on a visit to the
Armenian capital, Yerevan.

The summit, which will gather leaders of 20 rich and emerging countries
to draw up an action plan, was due to be held on Nov. 15 in Washington.

The Group of 20 nations accounts for 85% of the world economy and
about two-thirds of the world’s population.

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