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Medvedev to raise financial crisis in state-of-nation address

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Russian President Dmitry Medvedev said on Friday he would speak about the global financial crisis in his state-of-the-nation address next Wednesday. Medvedev said the global financial system reform
GORKI, October 31 (RIA Novosti) - Russian President Dmitry Medvedev said on Friday he would speak about the global financial crisis in his state-of-the-nation address next Wednesday.

Medvedev said the global financial system reform was a very complicated issue that should be raised.

"I will pay attention to the issue in my address," the president said at a news conference discussing arrangements for the upcoming G20 summit on the crisis in Washington.

He said that since the start of the year Russia had warned about "the negative potential being accumulated in the U.S. financial system," but no decisions were taken.

"All the [G8] summit in Japan did was voice the necessity of dealing with these problems, but some of my colleagues simply said that everything was fine," Medvedev said.

The president proposed on Friday enhancing the stability of the global financial system by diversifying global financial centers and foreign reserve currencies.

Medvedev said it would also be necessary to establish an advanced risk-management system.

Presidential spokeswoman Natalya Timakova said last week that Medvedev's speech would focus on domestic and foreign policy issues, instead of the financial crisis, on November 5.

The November 5 state-of-the-nation address, twice postponed from October 23 and 30, will be Medvedev's first, and the 15th delivered to parliament by a Russian head of state.

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