Russia's Medvedev warns Greece against populism

3rd November 2011, Comments 0 comments

Russian President Dmitry Medvedev urged Greece on Thursday to take urgent measures that are "not exotic or populist" to resolve its debt crisis which threatens to plunge Europe into recession.

"Of course everyone is now waiting for news from Greece, good news, but not exotic or populist," he said in his keynote speech at the B20 business summit, part of the G20 held in the French resort town Cannes.

"I hope we will not have to wait too long."

Greece this week shocked its allies by announcing a referendum to let its people decide whether to accept a European Union bail-out in exchange for adopting a strict fiscal policy package over the next few years.

"I don't want to hurt anybody's feelings, but in my opinion our partners' actions need to be much more dynamic and decisive to bring about order," Medvedev said.

"Countries with excessive debt must urgently begin fiscal consolidation," Medveded said, adding that states with more stable economies would do better to "support demand, easing the situation for their weaker partners."

"Russia is part of Europe, and its problems concern us," he said. "We will participate in financial aid programs in EU countries, at least through the IMF."

Russia and China have both hinted at interest in offering relief to Europe's stricken economies, though without detailing precisely how it could be done.

With a budget propped by high oil revenues and extensive reserves, Russia has been wary of purchasing European debt obligations after the 2008 economic crisis.

© 2011 AFP

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