Russia says euro must be stabilized

June 5, 2010 at 3:57 PM
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MESEBERG, Germany, June 5 (UPI) -- Russia's president says Europe needs to stabilize the euro or face the possibility of a financial crisis worse than the 2008 recession.

Dmitry Medvedev made the remarks in Meseberg, Germany, RIA Novosti reported Saturday.

"This is important for the European zone," Medvedev said, "and for its partners, such as Russia, and for the world financial system because if one pulls out leg in a form of euro from the global financial system, I am afraid consequences will be worse than the crisis in 2008."

The euro has sunk to its lowest rate against the dollar in four years amid fears a European debt crisis could slow economic growth in the region, RIA Novosti said.

"We really have very serious trade relations with the EU (and) many of our people keep their savings in euro," Medvedev said. "We are not indifferent to the European invention's destiny."

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