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Perfect storm, says Putin

DAVOS: Russian Prime Minister Vladimir Putin called the world financial crisis a “perfect storm” whose destructive powers were multiplied worldwide, and urged economic rivals to work together to find an exit route.

The sometimes combative and confident Mr. Putin struck a sober tone in the keynote address at the World Economic Forum on Wednesday. “The pride is gone,” said Mr. Putin. He refrained from directly blaming the United States for the crisis — but pointed out that just a year ago at Davos, American delegates emphasised the U.S. economy’s fundamental stability. Mr. Putin, often criticised for exerting state control over Russia’s key industries, did not recommend a greater role for governments in response to the crisis — in fact, he said too much government involvement can be “dangerous.”

“Excessive intervention in economic activity and blind faith in the state’s omnipotence is another possible mistake,” he said. — AP

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