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Medvedev urges not to take hasty banking stabilization measures

November 03, 2011, 16:45 UTC+3
“All understand that even the suspension of inter-banking crediting may entail the paralysis of the financial system similar to that in 2008”
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СANNES, November 3 (Itar-Tass) —— Russian President Dmitry Medvedev considers inadmissible any measures, which may deteriorate the financial situation of the banks.

“All understand that even the suspension of inter-banking crediting may entail the paralysis of the financial system similar to that in 2008,” the Russian president said at a G-20 business summit on Thursday.

The Russian leader believes that with such probable risks any measures, “which worsen the financial situation of banks and financial markets, may be counterproductive.” “This also concerns too rapidly growing standards of sufficient capital and liquidity and the imposing of taxes on financial transactions,” Medvedev noted. “We should not take hasty decisions,” he warned.

The Russian president believes that “the motivation of shareholders and managers of the financial institutions should be changed gradually.” “Otherwise, the call ‘occupy the Wall Street’ will become modern in all developed countries and instead of promoting the economic growth we will only divide what was created before us,” Medvedev elaborated.

 

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