Trust and cooperation can fight crisis

The major factor to overcome financial crisis is efficient and trustful cooperation between all countries worldwide. Russian Prime Minister Vladimir Putin said in his opening speech at World Economic Forum in Davos.

«We should not despair. This crisis can and must be fought also by pooling our intellectual, moral and material resources. This kind of consolidation of effort is impossible without mutual trust, primarily trust between countries», Russian Prime Minister said.

Putin has urged countries to avoid sliding into isolationism or economic selfishness as a result of the global financial crisis.

To overcome the situation, Russian Prime Minister calls for «writing off hopeless debts and bad assets», «encouraging the objective process of creating several strong reserve currencies», «building a more equitable and efficient economic system».

While speaking about causes of world economic crisis, Putin said that he is not going to go deep into criticism on US recent events.