Economic Development Minister rules out new default possibility in Russia

Russia's Economic Development Minister Maxim Reshetnikov ruled out the probability of a default in Russia similar to the one the authorities announced in 1998.

"No," the minister said, answering the question of the the Pozner talk show's presenter, if there at least a minimal probability of default now as it was as in 1998.

He stressed that in the current situation, the government should help entrepreneurs, "so that they still have a desire to do business and develop their business in Russia."

"It seems to me that in the long run and we will understand what this crisis has shown us: we have built a very developed, very diversified economy. Indeed, unlike 2008, when we primarily saved large enterprises, we are now talking about small and medium business," TASS cited Reshetnikov as saying.