MEDVEDEV WARNS HARD ECONOMIC TIMES

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STORY: MEDVEDEV WARNS HARD ECONOMIC TIMESDATELINE: Dec. 27, 2011LENGTH: 0:01:06LOCATION: MoscowVORussian President Dmitry Medvedev has warned that Russia faces "serious challenges" ahead due to the global economic depression.Speaking at a State Council session on Monday, Medvedev said although Russia has overcome the 2008-2009 financial crisis, a new wave of the crisis was inevitable.He said the government has the obligation to tell Russians honestly about the coming hardships.Medvedev said the national wealth distribution system must be decentralized to give Russia's regions wider room to use taxes for local development.SOUNDBITE:(Russian) DMITRY MEDVEDEV, RUSSIAN PRESIDENT: "It is time to recognize that Russia is so complicated as a federation that we should take into account these differences to create differentiated legal, investment and maybe fiscal regimes in the separate regions."Medvedev said it would be up to the new administration to choose the future configuration of the fe
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Producer : Xinhua News Agency

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