Thursday, December 18, 2014

Little Father Blames Plummeting Ruble on "The West"

Via Reuters (and J.M.G.):

President Vladimir Putin assured Russians on Thursday that the economy would rebound after the ruble's dramatic slide this year but offered no remedy for a deepening financial crisis. In an assured performance at a three-hour news conference, Putin blamed the economic problems on external factors and said the crisis over Ukraine was caused by the West, which he accused of building a "virtual" Berlin Wall to contain Russia. Putin even cracked jokes at times, despite pressure to fix an economy that is heading into recession and caught by what his economy minister called a "perfect storm" of low oil prices, Western sanctions over Ukraine and global economic problems. The ruble has fallen about 45 percent against the dollar this year, and suffered particularly steep falls on Monday and Tuesday, but Putin said its eventual rise was unavoidable and avoided using the word "crisis".

Nota bene: The picture I use in this post is not from today's press conference but from another occasion.

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