He added that he was glad to see Putin smiling.
DIVERSIFICATION AGAIN...
Putin is talking about diversification of the economy again. We've been hearing this forever but they never do it. Why? Because a true diversification of the economy would, by definition, lead to more economic pluralism -- and sooner or later, to political pluralism. And this is unacceptable to the current elite. This is the paradox. The economy needs diversification. The political system can't tolerate it. Economics is hostage to politics.
Putin says Kremlin will not dig too deeply into reserves to stabilize ruble. Say oil prices can get lower and the economy will adapt.
Putin: It is unquestionable, imminent that the economy will become normal.
RUBLE FALLING...
So far, the markets don't like what they hear. Down to 61.16 to the U.S. dollar
Putin: Our economy will overcome the currency situation
Putin says he will use 2008 model for economic recovery. Will focus on assistance to people who need it. Will for now keep pension levels, salaries of state employees. If the situation gets worse, some things will need to change.
He says in the worst case scenario, it will take 2 years for the economy to recover.
Putin:
The economic situation has been provoked by foreign factors.