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Kremlin attempts to stem market panic


Kremlin attempts to stem market panic


Moscow’s stock markets still remain closed as Russia continues to battle against financial meltdown. The Kremlin is struggling to stem a plummet in share prices, bringing back memories of Russia’s last financial crisis in 1998.

And, in an attempt to reassure confidence, President Dmitry Medvedev said everything was being done to support the economy: ‘‘There is no more important task for Russian authorities than the stability of our financial system under the current circumstances. ‘‘Right now this is our top priority,’‘ he said.

On Wednesday, regulators stopped trading after stocks fell to the lowest level for nearly three years. And, on Moscow’s streets there was concern at the effect the crisis was having on Russia’s banking sector. The Kremlin has announced it’s to pump almost 14 billion euros to bolster markets, including more than one and half billion euros to Russia’s three largest banks.

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