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 IMF talks with Kremlin to focus on eurozone

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lexie
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PostSubject: IMF talks with Kremlin to focus on eurozone   Mon Nov 07, 2011 8:01 am

11/7/11

IMF talks with Kremlin to focus on eurozone


..IMF chief Christine Lagarde met Russian President Dmitry Medvedev on Monday for talks overhung by the eurozone debt crisis, on her first trip to a big emerging economy since taking office.

Russia, which has a relatively low budget deficit and public debt, has not been hit by the debt crises in some EU countries but is nervous of the effect of the mounting problems in the eurozone on its economy.

"We have an opportunity to exchange views about life and the pressing issues of world economy following the G20 summit," Medvedev told Lagarde at the start of the talks.

The two were meeting after attending a G20 economic summit in Cannes, France last week.

Moscow has been looking to increase its profile within the International Monetary Fund (IMF) and has said it was ready to contribute to an EU bailout package through the global financial institution.

The Kremlin has said Russia's contribution being negotiated with the IMF would be limited to $10 billion. By comparison, China has dangled the possibility of contributing $100 billion to Europe's bailout fund.

"I believe that we will discuss serious problems the world economy and the eurozone in particular are facing," Lagarde said in an interview with Russian broadsheet Kommersant published on Monday.

"I think our discussion will also touch upon the way these events affect the prospects of Russia's economic development as well as economic policy priorities."

The Kremlin did not release the results of the meeting but confirmed earlier that talks would focus on the eurozone crisis as well as "further steps to reform the world financial system."

Medvedev has repeatedly said the world's largest emerging economies like Russia, Brazil, China and India should have a more influential role in the management of the IMF and that countries should be represented in proportion to the strength of their economies.

Lagarde took over from Dominique Strauss-Kahn who resigned to fight charges of attempted rape after getting embroiled in a sex scandal.

Russia had supported her candidacy, with the country's former finance minister Alexei Kudrin saying she supported "quota system that took into account the interests of developing markets."

Medvedev, who is preparing to exit the Kremlin after agreeing to step aside after just one term and let his mentor Vladimir Putin reclaim his old job in March presidential polls, mused about the vagaries of life.

"I remembered that life is such a swift-flowing thing, I remembered how you accompanied me during my state visit to Paris," Medvedev told the former French finance minister, referring to his March 2010 visit.

"Now you have a new, very interesting job," he said, stressing the role of the IMF in world economy.

Lagarde's programme in Moscow will also include an open lecture at the State University of the Russian Finance Ministry, a Moscow-based IMF spokeswoman said.

Following talks in Russia the IMF chief will visit China and Japan. All three countries have expressed interest in providing financial assistance to Europe, under the IMF's guide or oversight.

Lagarde has been criss-crossing the Atlantic on trips to Europe since taking the IMF helm in July, participating in negotiations on the eurozone debt crisis and G20 meetings organized by France.


http://news.yahoo.com/imf-talks-kremlin-focus-eurozone-111903343.html


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PostSubject: Re: IMF talks with Kremlin to focus on eurozone   Mon Nov 07, 2011 7:11 pm

I think that Putin would love to see the EU fail, easier for his plans for Russia to become what the former Soviet Union was.

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