Putin: Russia will come out stronger from crisis

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Russian Prime Minister Vladimir Putin promised Thursday the country would emerge stronger from a world economic crisis he said had been triggered by U.S. recklessness.

Putin said the global financial system had made the crisis "impossible to avert."

"Cheap money doping and mortgage troubles in the United States have caused a real chain reaction, paralyzed the global financial system and brought global distrust to the market," Putin said, addressing a meeting of United Russia, the dominant pro-Kremlin party he leads.

The prime minister said Russia had prepared for the crisis in advance through economic growth and abundant currency reserves — benefits of the oil-driven economic boom during his eight-year presidency.

But he acknowledged that "low diversification of the national economy, its low efficiency and the insufficient development of the financial system" made Russia's economy "extremely dependent on global factors."

Finance Minister Alexei Kudrin said at the sidelines of the event that Russia's 2009 year budget may see a deficit of up to 1 percent, the first shortfall in years.

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