Britannia Radio

Putin: ECB must intervene to save the euro

MOSCOW

Russia's prime minister says he is hoping for the European Central Bank's "direct intervention" to save the eurozone.

Vladimir Putin also predicted Friday that Europe would need about euro1.5 trillion ($2.05 trillion) to deal with the financial turmoil. He said the bank's direct intervention would not cause a "catastrophic" hike in inflation.

Russian officials have said that Moscow is willing to support Europe, its key trading partner, and could do it by injecting money into the International Monetary Fund.

Putin, who was Russia's president in 2000-2008 and is running for a third term next year, also urged Europe to take action and prevent Italy from "failing." Italy's debts stand at a huge 120 percent of economic output.

http://www.businessweek.com/ap/financialnews/D9QUNAUO0.htm