Sunday, December 21, 2014

Putin with NO SOLUTIONS gives 3-Hour Speech to assure Russians the Economy will rebound ...

... as Russians flock to stores to spend rubles before rubble tumbles any more ...
President Vladimir Putin assured Russians on Thursday that the economy would rebound after the ruble's dramatic slide this year but offered no remedy for a deepening financial crisis.
Defiant and confident at a three-hour news conference, Putin blamed the economic problems on external factors and said the crisis over Ukraine was caused by the West, which he accused of building a "virtual" Berlin Wall to contain Russia.
At times sneering, at others cracking jokes, he ignored pressure to say how he will fix an economy facing what his economy minister calls a "perfect storm" of low oil prices, Western sanctions over Ukraine and global financial problems.
The rouble has fallen about 45 percent against the dollar this year, and suffered particularly steep falls on Monday and Tuesday, but Putin refused to call it a crisis and said it would eventually rise again.
"If the situation develops unfavorably, we will have to amend our plans. Beyond doubt, we will have to cut some (spending). But a positive turn and emergence from the current situation are inevitable," Putin said in comments to a packed conference center that were broadcast live to the nation.
A woman waits in a line to pay for her purchases at the IKEA 
store on the outskirts of Moscow, Russia, Wednesday, Dec. 17, 
2014. The collapse of the national currency triggered a spending
 spree by Russians desperate to buy cars and home appliances
 before prices shoot higher.
Although he said the recovery might take two years, much will depend on how long the West maintains sanctions on Russia over its role in the Ukraine crisis.
European Union diplomats said the 28-nation bloc would ban investment in Crimea from Saturday over Russia's annexation of the Black Sea peninsula and President Barack Obama is set to sign legislation authorizing new U.S. sanctions.
Read the rest of the story HERE and watch a related video below:

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Russians Flock to Stores to Pre-Empt Price Rises

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