Skip to comments.Russia's Putin says "yes, we trust the euro"
Posted on 04/06/2013 6:57:51 PM PDT by Tailgunner Joe
President Vladimir Putin said Russia had confidence in the euro and had made the right decision to keep much of its reserves in the European currency.
"I would like to say it outright: yes, we trust the euro," Putin said, according to a Kremlin transcript of an interview with German public broadcaster ARD before a trip to Germany and the Netherlands.
Putin said Moscow and the European Union have disagreements, but that the leading euro zone countries were moving in the right direction in handling the current crisis.
"That gives us confidence that we have made the right move to keep such a considerable amount of our gold and foreign exchange reserves ... in the European currency," said Putin, who is to attend a trade fair with German Chancellor Angela Merkel.
According to most recent available data from the central bank, from January 2012, Russia kept 42.1 percent in euro, second to the 45.5 percent share held in dollars.
Prime Minister Dmitry Medvedev said two weeks ago that Russia may need to review the share of euros it holds due to the euro zone's handing of a bailout in Cyprus.
Putin reiterated criticism of Europe's handling of the Cyprus bailout and the idea of imposing a levy on bank deposits, saying: "Forfeiture of investors' funds ... undermines credibility of the banking system of the entire euro zone."
"Did we create that offshore zone?" Putin said of Cyprus. "No, the European Union created it. Or rather, the Cyprus authorities created it and the EU authorities allowed this."
Russia's banking and corporate deposits in Cyprus amounted to around $31 billion (20 billion pounds) at the end of 2012, according to Moody's rating agency.
(Excerpt) Read more at uk.reuters.com ...
"Forfeiture of investors' funds ... undermines credibility of the banking system of the entire euro zone. Did we create that offshore zone?" Putin said of Cyprus. "No, the European Union created it. Or rather, the Cyprus authorities created it and the EU authorities allowed this."
The part of the headline they forgot to include was...
BWA HA HAHA HAHAHA HA HA HA HA!...yeah right!
If Putin says trust it...we should short it.
100 to 1 he’s only saying he trusts the euro while he’s getting the rest of his money out of it. You can trust that
Then he finished his sentence “to bring down Europe and collapse the world economy.”