Wed, 01 Oct 2008 14:35:09 GMT
 Russia's Prime Minister, Vladimir Putin |
Putin told a government meeting on Wednesday that the US inability to deal with the financial crisis has affected the world.
"Everything happening now in the economic and financial sphere began in the United States. This is a real crisis that all of us are facing," Putin said.
The Russian official did not blame the crisis on specific individuals but on the whole system.
"And what is really sad is that we see an inability to take appropriate decisions. This is no longer irresponsibility on the part of some individuals, but irresponsibility of the whole system, which as you know had pretensions to (global) leadership", Putin said.
Putin's remarks came after the US House of Representatives on Monday rejected a 700-billion-dollar Wall Street bailout plan allegedly directed at preventing the economy from slumping into deep recession.
The US financial crisis, which began after the housing market slumped precipitously, has sent a shockwave across the EU zone, bringing down a number of investment banks and forcing unprecedented takeovers across the continent.
According to AFP, the benchmark index of Russia's RTS stock market has fallen by more than 50 percent since May, a drop analysts say has in part been caused by the global credit crunch.
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