04
Jul
09

Putin asks Russian banks to help the economy to recover

Vladimir Putin made a very important speech on monday about the global crisis. As usual, western media -which go crazy whenever Obama talks about his new puppy- barely mentioned it. It seems to me that Putin is of interest only when he slaughters civilians or scares the hell out of US government.

So on Monday, Putin talked to the country’s top bankers to ask them to inject in the coming weeks more than $16 billion into Russian economy.

Why is it so interesting? For two reasons. First it shows to thhe usual doubters that Putin’s invisible hand over every single thing in Russia is a myth. If he could had forced bankers to pay, why would he have bothered to call a press conference?

Second point. And unfortunately the most important and scary. Russian economy’s situation is not doing well at all. After almost a decade of constant growth, Putin is experimenting his first recession.

Russian economy had very few chances to be doing well in this economy. The country’s growth has been fueled for years by its basic elements production. With today’s prices (even if oil seems to be up again), the situation could get worst for Russia.

We’ll now see if Putin’s wishes turn out to be fulfilled…

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