Davos World Economic Forum 2009: Wen and Putin blame US for global crisis; Russian PM warns against State “interference” in the private sector
Jan 29th, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Davos World Economic Forum 2009: Chinese Premier Wen Jiabao on Wednesday, at the World Economic Forum in Davos, Switzerland, blamed the U.S.-led financial system for the world's recession, saying "excessive expansion of financial institutions in blind pursuit of profit," a failure of government supervision of the financial sector, and an "unsustainable model of development, characterized by prolonged low savings and high consumption" Russian Prime Minister Vladimir Putin said: "I would only like to remind you that, only a year ago, from this rostrum, we heard the words of American representatives about the fundamental stability and cloudless prospects of the US economy. But today, the pride of Wall Street - the investment banks - have practically stopped existing." Putin warned against State interference in the private sector.