Was Putin gern gesagt haette, aber nicht sagen durfte oder wollte…

Excerpts from interview to German TV channel ARD

November 15, 2014

Vladivostok

                Wurde bei der Übersetzung des Putin-Interviews »sozusagen

                   Russlands Präsident Putin exklusiv im ARD Interview …

41d519d4f373539769f9Was Putin gerne gesagt haette, sich aber nicht zu sagen traute oder was Hubert Seipel gern gefragt haette, aber nicht fragen durfte oder was einfach unterschagen wurde oder 

globalisierung zähmen – Macht – jetzt.de

Soll Europa gemeinsam mit den Schwellen- und Entwicklungsländern eine neue Art von globaler „new economy“ aufbauen

Wer weiss?

http://eng.kremlin.ru/news/23248

Vladimir Putin answered questions from Hubert Seipel of the German TV channel ARD. The interview was recorded on November 13 in Vladivostok.

HUBERT SEIPEL: Another theme to be discussed in Brisbane will be financial stability. The situation in Russia may also be complicated because Russian banks can no longer obtain refinancing on world markets. Moreover, there are plans to close for Russia the international payments system……………………………..

Ausgeblendet: http://eng.news.kremlin.ru/news/23253

HUBERT SEIPEL: Another theme to be discussed in Brisbane will be financial stability. The situation in Russia may also be complicated because Russian banks can no longer obtain refinancing on world markets. Moreover, there are plans to close for Russia the international payments system. …………………………..VLADIMIR PUTIN: Russian banks have currently extended a $25 billion loan to the Ukrainian economy. If our European and American partners want to help Ukraine, how can they undermine the financial base limiting our financial institutions’ access to world capital markets?

Do you think that this issue will be discussed at the summit as well? And what do you expect from this summit overall?

VLADIMIR PUTIN: I expect to have frank discussion with my colleagues and not to beat about the bush. In general, such venues, the decisions made there and the discussions at these venues are not binding and unfortunately are often not implemented, for example the decision

  • to change the configuration of the international monetary system,
  • to enhance the role of developing economies due to their changing position in the world economy as a whole. For example, we adopted a decision at a G20 summit
  • to enhance the role of developing economies in the IMF. But the US Congress blocked the decision and everything came to a standstill. The Congress does not endorse the decision, and that’s it. We see what is happening but, of course, we hope to have frank and unbiased discussions.

As for the international financial architecture, the current problem is not new; it concerns the fact that

  • developed economies have a surplus of capital that the Western economies do not know where to invest efficiently and reliably. The
  • developing economies have commodity imbalance because they produce and sell goods using low-cost labour and some other production instruments that are cheaper than in Europe and the United States. So,
  • there is a capital imbalance on one side and a commodity imbalance on the other side. It is difficult to agree on joint efforts in this area because the
  • developing economies are always uncertain about the rules of the game concerning the allocation of this capital. The sanctions you have mentioned are a vivid negative example of our partners‘ behaviour.

By the way, you have mentioned Ukraine, which is a striking example of the current situation in this sphere. Russian banks have currently extended a $25 billion loan to the Ukrainian economy. If our European and American partners want to help Ukraine, how can they undermine the financial base limiting our financial institutions’ access to world capital markets? Do they want to bankrupt our banks? In that case they will bankrupt Ukraine. Have they thought about what they are doing at all or not? Or has politics blinded them? As we know eyes constitute a peripheral part of brain. Was something switched off in their brains?…  

HUBERT SEIPEL: Not all G20 countries hold the same positions. For example, we have the BRICS states, including Russia, which have united to promote economic cooperation. Last year, you established your own BRICS Development Bank to provide an opposition to the West in the international financial sector in the future. Is this another split in this market?

VLADIMIR PUTIN: No, you should not see it like that. The issue is as follows. Indeed, the decision was made at the last BRICS summit in Brazil to create several financial instruments, to be more precise, two instruments – the

  • BRICS Development Bank and the
  • Contingent Reserve Arrangement. This Contingent Reserve Arrangement is being established along the same principles as the IMF and in a sense it may be considered its analogue, but it is being created for completely different purposes.
  • It is being created to promote development in the BRICS countries only, or primarily development in the BRICS countries, and it is not going to replace such global institutions as the IMF.

  What is the danger, in my opinion?

  • It is to start separate international economic relationships. This concerns not only the monetary component but also trade.

As you know, the negotiations within the WTO, the so-called Doha Round, have come to a deadlock. Developed and developing economies cannot agree on the rules of the game in the agriculture sector and on some other issues. Today we hear some hints from our partners, first of all from the United States, concerning the creation of an

  • Atlantic Alliance on the one side and
  • a Pacific Alliance on the other, with those who meet certain requirements, as our partners see it. And the
  • WTO does not seem to be such an important organisation anymore.

 I believe this is quite dangerous

  • because the developing economies play an increasingly important role in the global economy as a whole and it is dangerous to ignore this. Incidentally, the combined GDP of the BRICS countries calculated using purchasing power parity is already bigger than that of the so-called G7 countries. As far as I know, the BRICS countries have more than $37 trillion calculated using purchasing power parity, while the G7 has $34.5 trillion. And this upwards trend is in favour of the BRICS, not vice versa. That is why I think we should not follow the way of creating powerful but local associations but try to reach consensus within global organisations…”……………………………………………………………..…..

VLADIMIR PUTIN: Russian banks have currently extended a $25 billion loan to the Ukrainian economy. If our European and American partners want to help Ukraine, how can they undermine the financial base limiting our financial institutions’ access to world capital markets? Do they want to bankrupt our banks? In that case they will bankrupt Ukraine. Have they thought about what they are doing at all or not? Or has politics blinded them? As we know eyes constitute a peripheral part of brain. Was something switched off in their brains?….

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