Putin calls for cooperation on finances

SOCHI, Russia, Sept. 21 (UPI) -- Russian Prime Minister Vladimir Putin says the "architecture" of international finances needs to be changed in the wake of the Wall Street credit crisis.

Wrapping up meetings with French Prime Minister Francois Fillon in the Russian Black Sea resort city of Sochi Saturday, Putin said the crisis and the $700 billion U.S. banking industry bailout proposed by the Bush administration show the need for more than one center of financial gravity, ITAR-TASS reported.

"We all need to think about changing the architecture of international finances and diversifying risks," Putin said. "The whole world economy cannot depend on one money-printing machine."

Putin said Russia, Europe and the United States needed to work together to find ways to avoid future financial meltdowns.

"This issue should be considered not in a confrontation-like way, but very benevolently in order to find the most acceptable ways for the development of the world economy and world finances," he said.