Putin: Russia prepared for fallout from global economic turbulence

The Russian government was ready to overcome the difficulties caused by problems in world financial markets, Russian Prime Minister Vladimir Putin said Monday. Speaking at a meeting of the Russian Foreign Investment Advisory Council(FIAC), Putin said the Russian market had been rendering itself more and more attractive for international partners. "When the global economy shrinks and main markets shrivel, countries like Russia, a developing market with an undiversified economy, is faced with risks. The only solution is to develop its own market," the premier said. He said the government's sovereign debt had not exceeded 3 percent of Russia's GDP while internal debt remained within 7 percent.