Gref urged not to pour money “blazing fire” of crisis

President and Chairman of the Board of Sberbank German Gref urged not to pour money into the economy as it is offered by “pseudoscientists”. He stated this on the Exchange forum in Moscow, reports .

“Looking at the state of our economy, there is no faith in oil that the price will bounce again two times and we once again are lucky. All came to the conclusion that the crisis in which we find ourselves, not cyclical, but structural and to fight it we need a clear set of measures. It is impossible to fill with money, as some pseudo-scientists, otherwise call them can not, for the first time are encouraged to fill this blazing fire money. And the fire will be even more intense! And today no other means but to finally engage in structural reforms”, — said Gref.

He also stressed that to increase the rate of growth of the Russian economy is critically important decline in the share of the public sector. “When over 70% of the economy is the public sector, talk about competition and the efficient structure of the economy is impossible. Need privatization… Privatization is a matter of national security,” said Gref, noting that privatization should concern both small and large enterprises (quoted by “Interfax”).

Among other objectives for the coming years, the head of Sberbank, called the reduction of government regulation of the implementation of project management methods, as well as the diversification of the economy.

The “opposition” economists have offered alternative reforms of the authorities

30 March has started in the capital of the Moscow economic forum (MEF), whose members traditionally act with criticism of actions of the government and the Bank of Russia. One of the most high-ranking speakers of the forum was Vladimir Putin’s Advisor Sergei Glazyev. Among other things he stated that in many countries “targeted credit issue was the main mechanism of financing of the investment activity” and in the Russian economy are actually other sources for that because the savings of citizens, which could become an alternative, almost offset their debts on consumer loans.

Thus, according to Glazyev, it does not offer to print money. The problem is that the issue has already been held, but the money went into commercial banks, which “played against the ruble,” translating them into foreign currency. If we give the economy the missing 8 trillion in loans, it is possible to achieve GDP growth of 8-10%, said the Advisor to the President.

With the participation of Anton Feinberg