Russia against individual support for troubled European economies

There is no need for individually-tailored assistance to debt-hit European states since collective support is more efficient, Russian Deputy Finance Minister Sergei Storchak said on Friday. Storchak’s statement comes after Russian Presidential Aide Arkady Dvorkovich said on Monday that Moscow may buy Spanish debt securities to assist in solving the European debt problem. “We stand for collective support measures,’ Storchak said after a G20 finance ministers meeting. “The purchase of the Spanish bonds by Russia is like a love pat. We can not place the huge assets in our portfolio.” He also said that Russia’s support of the troubled European countries can not be regarded as “charity” since these actions are aimed at stabilizing the Russian economy. “It is the job for our own economy to ease the life of Russian companies and households, to stop this volatility, to stop this unpredictable capital inflows and their influence on the currency exchange rate,” Storchak added.