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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap Russia fears for health of the euro: Medvedev AFP - Sunday, June 20 Send IM Story Print Russia fears for health of the euro: Medvedev SAINT PETERSBURG (AFP) - – Russia, which holds over 40 percent of its forex reserves in euros, fears for the health of the single currency after its dramatic plunge, President Dmitry Medvedev said Saturday. Medvedev, giving the final speech of the Saint Petersburg economic forum, said Russia was also concerned about a second wave of the economic crisis. "We are very afraid for the health of the euro," said Medvedev. "We wish it a speedy recovery because it is also our currency. It is not just a currency of the European Union, it is a currency which we use, because it is a reserve currency." Russia's foreign exchange reserves are held largely in euros and US dollars, with about 10 percent in sterling and just over one percent in yen. "There is lots ahead, we are afraid of a second wave (of the crisis), all of us are closely looking at the discussions in the European Union, all of us every day measure the pulse of our own economies, we watch trends, look at how foreign currencies are faring," said Medvedev. Prime Minister Vladimir Putin told AFP in an interview earlier this month that Russia trusts and believes in the single European currency and is sure its current woes are only temporary. The euro has slid in past months from 1.40 dollars to below 1.20 on worries about the budgets of states like Greece. But it has crept up again in recent days to above 1.23 dollars and analysts have said it appeared to be stabilising. Recommend Send IM Story Print News Search Top Stories Red carnations for Nobel laureate as Portugal mourns Russia fears for health of the euro: Medvedev EU chief Barroso says euro is strong Sweden's future queen to wed former personal trainer Caracas asks Interpol to arrest anti-Chavez media mogul More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Aussie man jailed for blowing bubble in court Sweden's future queen to wed former personal trainer Battered BP boss relinquishes duties on US oil spill Caracas asks Interpol to arrest anti-Chavez media mogul Russia serious about change, Medvedev tells West More Most Viewed » Clashes as Israeli forces storm Gaza aid boat: Hamas TV Physicists solve mystery of missing neutrinos More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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