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  • Deputy Finance Minister of the Russian Federation Sergei Storchak

Sergei Storchak: Global economic crisis will not be repeated

Deputy Finance Minister of the Russian Federation Sergei Storchak has stated that the 2008 global economic crisis will not be repeated globally or in individual economies.

Taking reporters' questions, he said that the regulatory authorities have developed solutions that seek to prevent such financial crises, quoting the study, "Key Bankruptcy Settlement Attributes."

According to Sergei Storchak, these primary attributes give reason to hope that such a major crisis in the sphere of financial relationships will not be repeated.

In addition, he believes that the financing of major financial companies that are "too big to fail" using taxpayers' funds should be discontinued. A special report on this subject will be presented at the G20 Leaders Summit.

Sergei Storchak also said that most G20 countries have taken measures to replenish the capital of commercial banks to prevent bankruptcies and deal with insolvencies. This gives hope that the practice of saving large financial institutions at the expense of taxpayers' funds will stop.