*http://www.interfax.com/3/281502/news.aspx
Putin proposes reform of global financial organizations ** ST. PETERSBURG. June 10 (Interfax)*- International financial organizations need serious restructuring, Russian President Vladimir Putin said. "They were designed for completely different realities and cannot find their place given stable economic growth in the majority of developing countries," Putin said at the International Economic Forum in St. Petersburg. "It is obvious that the world financial system, being essentially linked to one or two currencies and a limited number of financial centers, no longer reflects the current and strategic needs of the global economy," he said. The exchange rate fluctuations of these currencies negatively affect the financial reserves of nations, the development of economic sectors. "There is one response to this challenge - having several reserve currencies, several financial centers. Therefore today the prerequisites for diversification of world financial system assets must be created," he said. "And we will continue the policy of raising the appeal of the ruble, our financial market and the banking system," he said. The issue of transition to ruble payments in Russian exports will be timely, he said. "Naturally, in those cases when it is profitable both for suppliers and buyers," he said. mg jh [Non-text portions of this message have been removed]
