World finkrizis demonstrated collapse of the financial system - Putin
RIA Novosti. The current global financial and economic crisis marked the failure of the existing financial system and was a consequence of significant imbalances that have accumulated in recent years, Prime Minister Vladimir Putin at the World Economic Forum in Davos.
According to Putin, the crisis has arisen as a result of "poor management, because of what huge risks were outside the proper accounting and control."
Another factor that influenced the emergence of the crisis began, according to Putin, "the enormous imbalances that have accumulated in recent years" - "primarily between the scale of financial transactions and the real value of assets between the increased demand for credit resources and sources of their support."
"A serious crash has given itself a system of global economic growth, in which one center of virtually unlimited, uncontrolled printing money and consume goods and another producing inexpensive goods and saves money issued by other states" - the prime minister said.
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