DIMITRY MEDVEDEV: WE PAY FOR GROSS FINANCIAL MISTAKES MADE BY A NUMBER OF STATES, FIRST OF All, THE U.S.

Noyan Tapan
Oct 21, 2008

YEREVAN, OCTOBER 21, NOYAN TAPAN. The international financial crisis,
which is currently at its active stage, gladdens no one as it results
in a decline of economic growth rates and the loss of investments,
Russian President Dmitry Medvedev, who was on an official visit to
Armenia, said at the October 21 press conference. According to him,
the goal of any government is to try to get out of this unpleasant
situation with minimal losses.

D. Medvedev noted that perhaps 15 years ago such a crisis would not
affect Russia so much but today the reality is different. "We have an
open economy and we have to respond to all the challenges facing us,
just as other countries do. This is the advantage of an open economy
and also its difficulty, it develops according to its laws, cyclic
laws: in the long run, we must take it into account as well. It is
clear that we pay for the gross financial mistakes made by a number of
states, first of all, the U.S, taking into consideration the fact the
share of the U.S. financial market and its impact on global economy
are quite considerable," the Russian president said.

In his words, the solutions used to overcome the crisis are
satisfactory but it does not mean that the list of solutions has been
exhausted. "Life makes its corrections, often more complex corrections,
and we will respond to them, if necessary, by new organizational,
financial and structural solutions. Our purpose is to reduce the
consequences of the global financial and economic crisis to a minimum,"
D. Medvedev stated.