Russia has a high margin of safety to be ready for any turn of events in the global economy, Prime Minister Vladimir Putin said on Monday.
"Today, Russia is fully prepared for any scenarios of development in international [economic] trends. We have accumulated considerable experience and we have a margin of safety in the real, credit and financial sectors of the economy," Putin told foreign investors.
The European Union is now choking with debts and markets have been downspiraling on fears of a default in Greece, the possibility of EU disintegration and the slow economic growth in the United States.
Greece is sticking to tight austerity measures, including large redundancies and budget cuts, to avoid a default and receiving bailout funds from the EU and the International Monetary Fund, while many experts expect Greece to default in the next 6-12 months regardless.
Putin also said that Russia had sustained the previous economic crisis of 2008 with minimal losses and was one of the first countries where the economy had started to recover in the post-crisis period.