Eurozone needs a plan before Russia can help (Reuters, United Kingdom)

In an interview with Reuters on Wednesday, a senior economic adviser of President Dmitry Medvedev said that Europe has to offer a clear strategy of how to save her debt-ridden states before Russia will undertake to increase their contributions to the euro area.


"We would like to know what actions will be taken by the European Union, which scenario they choose: whether there will be a default on external debt in Greece or not? To whom will they help — banks or governments? "- Said Arkady Dvorkovich, the Russian Investment Summit Reuters.

"We would like to know what happens before making any decisions. Without such information, the decision to significantly increase investment in the country is impossible. Now clarity in this matter. "

Dvorkovich, Russia's representative to the "Big Eight" industrialized nations, said that he had not received any offers from other countries of BRIC at the presidential level in support of the euro area.

In a conversation with Reuters Insider channel, he said that a more appropriate place to discuss the crisis in the euro zone will be negotiated at the highest level representatives of the "Big Twenty", which includes the leading developed countries and emerging economies, which will be held in France in two months.

"These issues will be discussed within the framework of the" Big Twenty "in November in Cannes. I believe that the leaders of the countries of Europe, USA, China, Russia and other countries — all countries of BRIC — will be able to develop a coherent approach to the problem of stabilizing the situation, "- said Dvorkovich.

Russia has reached its limit

Russia, whose reserves of gold and foreign currency — the third largest in the world, now holds 45% of its reserves totaling 543 billion dollars in euro assets.

As the Minister of Finance Alexei Kudrin told Reuters on Tuesday, which means that the Central Bank is not possible to arbitrarily increase their contributions to the euro zone debt.

"As soon as you see that our gold and foreign exchange reserves rose to 10 billion dollars, you can assume that the $ 4.5 billion invested in the bonds of eurozone countries" — said Kudrin.

According to him, Russia supports in principle the idea of a common euro zone bonds, while at the same time invest in the nation's sovereign debt.

Kudrin said that Russia is also considering investments in the European financial stabilization fund, which has already been used to help Ireland if he will expand.

However, Russia is unlikely to provide bilateral assistance to any country in the euro zone with the exception of Cyprus, an offshore financial center, popular among Russian businessmen. Kudrin said that negotiations are underway to assist and can be completed in a month.

Dvorkovich said that any joint proposal of the BRIC countries will first be discussed at the level of finance ministers and central banks. "I have not seen such a proposal, it has not received the level of the president," — he said.

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