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U.S. to blame for global crisis, says Medvedev

MOSCOW: Russian President Dmitry Medvedev blamed the U.S. for the financial crisis and vowed to boost Russia’s role in global economy.

“It is the gap between the U.S. formal role in the world economy and its actual capabilities that was a key reason for the current crisis,” Mr. Medvedev told a major business forum in St. Petersburg on Saturday.

He said it was not only the failure of leading financial corporations to assess financial risks, but also “the aggressive financial policies of the world’s biggest economy” that triggered what may be the worst global crisis since the Great Depression of the 1930s and “made a majority of people in the world poorer.”

Mr. Medvedev denounced “economic egoism” and “economic nationalism” which “substitutes pragmatic interests for political considerations”.

“The assumption that one country, no matter how powerful, can play the role of a global government has proved to be an illusion,” said Mr. Medvedev at the 12th St. Petersburg International Economic Forum, attended by business leaders of 400 Russian and foreign companies, as well as Ministers and politicians from all over the world.

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