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G20 finance ministers say no imminent threat of recession

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The G20 finance ministers, who met on Saturday in Paris, are convinced that there is no imminent threat of global recession, though a slowdown of the world economy is quite possible, a Russian deputy finance minister said.

The G20 finance ministers, who met on Saturday in Paris, are convinced that there is no imminent threat of global recession, though a slowdown of the world economy is quite possible, a Russian deputy finance minister said.

"Currently, discussions focus more on the process of sliding into recession, not about the recession itself," said Russian deputy finance minister Sergei Storchak, who represented Russia at the G20 finance ministers' meeting.

He said participants noted "the fact that forecasts shifted towards [the likelihood] of the global economic slowdown."

"The threat persists, it's evident where the risks originate," Storchak said, adding that financial authorities in most countries admit they now do not possess the resources similar to those used to cushion the effects of the 2008-2009 crisis.

The Russian minister said the European Union is likely to deal with current financial problems of some of its member states, adding that European representatives did not request aid from Russia or any other G20 member.

French Finance Minister Francois Baroin said the decisions of the forthcoming EU summit will be crucial in dealing with the crisis.

"The results of the October 23 European council will be crucial in dealing with the challenges of the global crisis that we currently face. Everyone knows it, everyone understands it, everyone realizes the importance of it," he said.

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