Russia: Game On
[...]
"It looks like the crash in the West is happening this week," said Eric Kraus, an adviser to Otkrytiye brokerage. "Until that is behind us, we cannot expect any degree of rationality in the Russian financial markets."
[...]
"Any crisis is a natural way of resolving contradictions. And it must be used to 'clean up' and to extend and maximize the period of growth for our economies," said Medvedev, who was speaking at an international conference in Evian, France.
He also proposed a new global financial architecture, arguing that bullwarks of the old financial order -- the International Monetary Fund and the World Trade Organization -- had been discredited in the 1990s. He said new financial centers and strong regional currencies could provide stability and prevent a repeat of the global financial crisis. Medvedev has previously touted Moscow's ambitions to become a financial center and make the ruble a reserve currency.
Full story:
Trading on both Russian stock markets halted
Wednesday October 8, 10:37 am ET
By Catrina Stewart, Associated Press Writer
http://biz.yahoo.com/ap/081008/eu_russia_markets.html
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I wonder how Russia will come out of this mess?
