Medvedev, Russia React To Economic Downturn

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MOSCOW, Sept. 23 (UPI) — Russian President Dmitry Medvedev said he had called a hasty meeting between government and business leaders to assess the global slide in stock markets.

“The situation is difficult. We should be very attentive,” Medvedev said. “I am going to meet with my colleagues from the government and bank community to discuss it.

“We will also talk about the euro zone, the U.S. economy, I mean, about decisions made by our U.S. colleagues.”

It was not clear from the RIA Novosti report whether Medvedev was referring to the U.S. Federal Reserve’s decision Wednesday to exchange $400 billion in short-term securities in its portfolio for long-term securities, which triggered an immediate acceleration of stock losses.

The losses have circled the globe, dragging down stock markets in Asia and Europe.

Russia was not immune to the disruption. In Moscow, the MICEX index lost 7.82 percent Thursday and 6.29 percent Friday to 1,389.

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