Second wave of economic crisis threatens Russia

SAINT PETERSBURG: Russian President Dmitry Medvedev warned yesterday that it was "too early to open the champagne" to fete an economic recovery, at a forum dominated by gloomy admissions on the crisis.

Medvedev's own finance minister said at the Saint Petersburg Economic Forum that a second crisis wave was "unavoidable" in Russia owing to bad loans and that the worst still was not over for the country. "Recently there has been a certain livening that has given reason to believe that the economic crisis has passed and the period of recovery has started," Medvedev told the meeting, Russia's premier economic event.

But in my opinion it's too early to crack open the champagne. It's not in vain that one economist remarked that the financial crisis is a long-living plant," he added.