Russia ready for possible economic meltdown: Putin

Moscow: The Russian economy is prepared for a possible economic meltdown as a result of the slowing of global growth and the escalating eurozone debt crisis, President Vladimir Putin said Thursday.

At a meeting with regional ombudsmen, Putin said the situation was complex both in the European and global economies.

"In the United States, the engine of the world economy, the situation looks better but macroeconomic indices that are vital for the economy's sustainability are no better than in Europe. Their debt state [in the US] is 104 percent [of US GDP]," he said.

Aside from this, the US financial system is burdened with mortgage loans issued against state guarantees, he said.

"All these factors cause certain alarm. Now news is coming that China's economic development rates have slightly slowed and declined and China is one of the world's largest consumers. These are, no doubt, alarming signals.

"Let us hope that these concerns do not transform into a full-blown crisis," Putin said.

"Let us hope for the better but prepare for the worse," the Russian president added.

IANS