Medvedev backs case for state ownership

By Catrina Stewart | June 6, 2009, Saturday |

Print Edition

RUSSIAN President Dmitry Medvedev said yesterday an increase in state ownership was inevitable in some sectors of the country's economy hurt by the global downturn, but promised it would be short-lived.

Speaking at a packed investment forum in St Petersburg, Medvedev sought to convince investors that the country's economy has stabilized and that Russia remained a good place for foreign investment.

He suggested that the global economic crisis that has hammered Russia has passed its most acute stage, but warned it was too early "to crack open the champagne."

"Nonetheless, I believe we have avoided the worst case scenario," he said.

The Russian government has long controlled sectors of the economy deemed to be strategic, such as oil, transport and car making. Since the crisis broke last year, the government has bailed out some major conglomerates accepting shares as collateral in exchange for loans. Several banks were also rescued last year.

Economy

About Us
|
Terms of Use
|
RSS
|
Privacy Policy
|
Contact Us
|
Shanghai Call Center: 962288
|
Tip-off hotline: 52920043

沪ICP证：沪ICP备05050403号-1
|
互联网新闻信息服务许可证：31120180004
|
网络视听许可证：0909346
|
广播电视节目制作许可证：沪字第354号
|
增值电信业务经营许可证：沪B2-20120012

Medvedev backs case for state ownership

Email this to your friend