Russia Call to Action On Financial Crisis

President Medvedev records his video at the Kremlin. Photo: © ITAR TASS

While the severe global crisis of confidence in financial markets continues to grow, and with a succession of EU countries announcing individual rescue plans, the Wall Street Journal reports on greater call for a coordinated response to the crisis threatening the bloc’s financial system.

Iceland, one of the countries hardest hit due to its highly developed banking sector, says it has arranged for a 4 billion euro bailout package from Russia, though the Financial Times reports Russia thus far has denied reports of the loan.

Russian President Dmitri Medvedev issued a call for coordinated global action to confront credit problems and said he would present a plan for how to tackle the crisis in meetings later this week in France.

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