Sberbank CEO compares pandemic with 1998 financial crisis

Sberbank CEO compares pandemic with 1998 financial crisis

Chief executive of Russia’s Sberbank German Gref compared the current pandemic with the 1998 financial crisis.

"The government turned out to be in a bad spot, since during the second week of its existence it faced the coronavirus," he noted.

"It can be compared only to the 1998 financial crisis that broke out soon after Sergey Kiriyenko had become the prime minister. It’s a similar situation," TASS cited Gref as saying.

The CEO of Sberbank noted that they were looking for restructuring solutions night and day. "The cabinet of ministers worked 20 hours a day, to say the least," he said.

"Some actions could seem bustling and improper, as we understand with the benefit of hindsight. But at that time these responses looked as absolutely correct," Gref admitted.

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