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Putin says he believes EU capable of solving debt crisis

(Xinhua)

12:41, October 12, 2011

BEIJING, Oct. 11 (Xinhua) -- Russian Prime Minister Vladimir Putin said Tuesday that he believes the European Union is capable of solving the eurozone debt crisis.

"I don't think the BRICS countries could play a major role on this matter," Putin said when interviewed by Chinese media in Beijing.

BRICS refers to five emerging economies, including Brazil, Russia, India, China and South Africa.

Putin said the eurozone debt crisis is currently still a political issue rather than an economic problem.

The International Monetary Fund (IMF) on Oct. 5 urged the EU to swiftly recapitalize its banks to stabilize markets. IMF Europe director Antonio Borges estimated that the cost of recapitalizing European banks ranges from 100 billion to 200 billion euros.

German Chancellor Angela Merkel said during a recent visit to Brussels that Germany is prepared to recapitalize banks, adding EU leaders may discuss a Europe-wide plan at their summit meeting in mid-October.

Putin also repeated his criticism to the U.S. economy, stressing that the country is parasitizing on the monopolistic status of the U.S. dollar.

The United States lives on debt and transfers part of its problems to the global economy, thus "parasitizing on world economy and the dollar's monopoly," Putin said earlier in August.

At the invitation of Chinese Premier Wen Jiabao, Putin arrived in Beijing on Tuesday for a two-day official visit to China. He also co-chaired the 16th regular meeting between the Chinese and Russian prime ministers with Wen.

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