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US 'a parasite' on world economy, says Putin

US 'a parasite' on world economy, says Putin
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Russian Prime Minister Vladimir Putin has criticised the United States for racking up over 14 trillion dollars in debt, calling the country “a parasite” on the global economy.

In a speech at a pro-Kremlin youth rally, he argued for alternatives to the US dollar as the world’s main reserve currency.

Russia has nearly half of its reserves in dollar assets.

“The United States lives on credit, which for one of the leading economies is very bad,” Putin said. “They are living beyond their means and shifting their problems onto the rest of the world. To some extent, the US is a parasite on the world economy because of their monopoly of the dollar.”

The Russian premier was a speaking at a summer camp for the youth group Nashi. The organisation was created by the Kremlin shortly after Ukraine’s Orange revolution in 2005.

Putin has not declared if he will run again for the presidency in March next year but many observers expect him to stand. He previously served eight years as Russian president from 2000 to 2008 before stepping down and handing over power to Dmitry Medvedev.