Russia's financial system safe from crisis

Russia now has a financial system safe from a default, Vice Premier and Finance Minister Alexei Kudrin said at a seminar for the budget system reform.

Kudrin noted that Russia's gold and currency reserves exceeded $65 billion in 2003, and national debt reduced down to 35% of GDP. In 1998, the vice premier added, the debt made 140% of GDP.

"Now keeping in mind the stabilisation fund, gold and currency reserves and the size of the national debt, we should think of something incredible to prevent a default in our country," Kudrin said.

We have formed a financial system secure from such threat, he stressed. "This is an achievement in its kind and now we can concentrate on raising the efficiency of our expenditures," Kudrin concluded.