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Putin hopes ECB will intervene in situation on Europe’s financial mkt

November 12, 2011, 1:57 UTC+3
"I expect that the ECB will directly intervene in the situation, and I do not think that this will lead to inflation," he said
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POZDNYAKOVO, Moscow Region, November 12 (Itar-Tass) —— Russian Prime Minister Vladimir Putin hopes that the European Central Bank will directly intervene in the situation on the financial market in Europe. Saving the situation will require about 1.5 trillion euros.

"I expect that the ECB will directly intervene in the situation, and I do not think that this will lead to inflation," he said, responding to questions from the participants in the discussion club Valdai on Friday.

"If no timely action is taken to resolve the financial crisis in Europe, the next step will be economic stagnation, a situation associated with failures in the financial system, in the banking system, and then, with recession," Putin warned. "But I hope that this will not happen. We very much hope that the European authorities, including the ECB, will intervene in the ongoing processes at the right moment and prevent negative developments."

"Our experts believe that without direct intervention by the ECB this problem will hardly respond to treatment," said the head of the Russian government. "I believe that the sum needed today to overcome the crisis is at around 1.5 trillion euros. And in any case, it is impermissible to let Italy collapse, that would be a disaster," he added.

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