Economic Development Minister rules out new default possibility in Russia

Economic Development Minister rules out new default possibility in Russia

Russia's Economic Development Minister Maxim Reshetnikov ruled out the probability of a default in Russia similar to the one the authorities announced in 1998.

"No," the minister said, answering the question of the the Pozner talk show's presenter, if there at least a minimal probability of default now as it was as in 1998.

He stressed that in the current situation, the government should help entrepreneurs, "so that they still have a desire to do business and develop their business in Russia."

"It seems to me that in the long run and we will understand what this crisis has shown us: we have built a very developed, very diversified economy. Indeed, unlike 2008, when we primarily saved large enterprises, we are now talking about small and medium business," TASS cited Reshetnikov as saying.

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