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| Putin speech: President warns Russian economic crisis could last two years | |
| (about 1 hour later) | |
| Vladimir Putin has said the Russian economic crisis could last two years "in the worst situation", in a Q&A session that has also seen him use an extended bear metaphor to describe relations with the West. | |
| The Russian president’s question and answer session, which is being televised, is expected to run for three or four hours as he attempts to explain how he will pull the country out of its economic crisis. | |
| The Q&A has also seen the President continue the bear metaphor used in a charged action film-style trailer for the event to attack the West. | |
| He said the the economy could recover faster if external factors change for the better. | |
| Mr Putin said the government and the Central Bank are generally working correctly to deal with the current economic woes, although some of their action was belated. | |
| "The current situation has been provoked by external factors, but it's worth noting that we haven't done what we planned to do to diversify our economy," Mr Putin said. | |
| When a journalist asked whether the current situation is a result of what is happening in the annexed Crimea, the President responded with bizarre metaphors about a bear in a wood. | |
| Mr Putin said: "Perhaps the Russian bear should quietly lie down and eat berries". | |
| He continued by suggesting that if the bear did "quietly eat berries" the West would chain it up and saw off its teeth, The Guardian has reported. | |
| He finished his metaphor by asking: "Do we want our bear to just become a stuffed animal?" | |
| Former Prime Minister Mikhail Kasyanov, an ex-ally who is now an opposition leader, blamed the growing financial crisis on economic mismanagement by Putin, as well as Western sanctions over the Ukraine crisis and a fall in global oil prices. | Former Prime Minister Mikhail Kasyanov, an ex-ally who is now an opposition leader, blamed the growing financial crisis on economic mismanagement by Putin, as well as Western sanctions over the Ukraine crisis and a fall in global oil prices. |
| His prominent opponent has said the leader could face protests and may need to accept "he needs an exit strategy" and agree to hold free elections early. The next presidential election is not due until 2018. | His prominent opponent has said the leader could face protests and may need to accept "he needs an exit strategy" and agree to hold free elections early. The next presidential election is not due until 2018. |
| Despite the roubles dramatic decline, opinion polls suggest Putin’s popularity ratings are at an all-time high after the annexation of Crimea from Ukraine in March. An Associated Press-NORC Center for Public Affairs Research poll released Thursday found that about 80 per cent of Russians still support him | Despite the roubles dramatic decline, opinion polls suggest Putin’s popularity ratings are at an all-time high after the annexation of Crimea from Ukraine in March. An Associated Press-NORC Center for Public Affairs Research poll released Thursday found that about 80 per cent of Russians still support him |
| The rouble was more than 2 per cent weaker today , despite central bank action to prop up the currency and around 45 percent down against the dollar this year, hit by Western sanctions over the Ukraine crisis and low oil prices. | The rouble was more than 2 per cent weaker today , despite central bank action to prop up the currency and around 45 percent down against the dollar this year, hit by Western sanctions over the Ukraine crisis and low oil prices. |
| Putin has so far failed to offer any major ideas on how to turn the situation around. | Putin has so far failed to offer any major ideas on how to turn the situation around. |