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Russia ready in principle to buy Spanish debt
Mon Oct 10, 2011 4:45am EDT
* Euro zone needs to devise debt strategy first
* Russia the world's third-largest reserve holder
MOSCOW, Oct 10 (Reuters) - Russia is ready in principle to buy Spanish government debt once the euro zone's member states have put in place a strategy to overcome the currency bloc's debt crisis, Arkady Dvorkovich, economic adviser to President Dmitry Medvedev, said on Monday.
Russia is the world's third-largest reserves holder and has over two-fifths of its $517 billion in foreign reserves invested in euro-zone sovereign debt.
"When the European countries announce a concrete and clear strategy to exit the crisis, and if in the framework of this strategy support from Russia and other BRIC countries is necessary, then we would provide such support," Dvorkovich said in response to a question.
Dvorkovich, attending a conference in Moscow with Spanish Economy Minister Elena Salgado, said Salgado had met Russia's former Finance Minister Alexei Kudrin and Foreign Minister Sergei Lavrov.
Salgado left the event without taking questions from reporters.
The BRIC nations -- Brazil, Russia, India and China -- are a loose coalition of large emerging economies that together hold the bulk of the world's foreign exchange reserves.
Of Russia's total reserves, $109 billion are held in two sovereign wealth funds whose asset allocation is set by the finance ministry. The central bank decides how the remainder is invested.
Moscow has generally taken a sceptical approach towards offering bilateral financial support to euro-zone countries, saying it would prefer to invest in bonds issued by a common bailout fund, the European Financial Stability Facility (EFSF).
Officials have also said that they would prefer to support any debt initiative that is put together under the auspices of the Group of 20 nations, which is due to hold a summit in Cannes, France, next month.
http://www.reuters.com/article/2011/...7LA0UI20111010
Mon Oct 10, 2011 4:45am EDT
* Euro zone needs to devise debt strategy first
* Russia the world's third-largest reserve holder
MOSCOW, Oct 10 (Reuters) - Russia is ready in principle to buy Spanish government debt once the euro zone's member states have put in place a strategy to overcome the currency bloc's debt crisis, Arkady Dvorkovich, economic adviser to President Dmitry Medvedev, said on Monday.
Russia is the world's third-largest reserves holder and has over two-fifths of its $517 billion in foreign reserves invested in euro-zone sovereign debt.
"When the European countries announce a concrete and clear strategy to exit the crisis, and if in the framework of this strategy support from Russia and other BRIC countries is necessary, then we would provide such support," Dvorkovich said in response to a question.
Dvorkovich, attending a conference in Moscow with Spanish Economy Minister Elena Salgado, said Salgado had met Russia's former Finance Minister Alexei Kudrin and Foreign Minister Sergei Lavrov.
Salgado left the event without taking questions from reporters.
The BRIC nations -- Brazil, Russia, India and China -- are a loose coalition of large emerging economies that together hold the bulk of the world's foreign exchange reserves.
Of Russia's total reserves, $109 billion are held in two sovereign wealth funds whose asset allocation is set by the finance ministry. The central bank decides how the remainder is invested.
Moscow has generally taken a sceptical approach towards offering bilateral financial support to euro-zone countries, saying it would prefer to invest in bonds issued by a common bailout fund, the European Financial Stability Facility (EFSF).
Officials have also said that they would prefer to support any debt initiative that is put together under the auspices of the Group of 20 nations, which is due to hold a summit in Cannes, France, next month.
http://www.reuters.com/article/2011/...7LA0UI20111010
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