UrBC, Yekaterinburg, October 4, 2011.

‘Russia has great intellectual resources, but its economy is 75% to 80% raw materials-based, which is not a good thing. The country needs alternative innovation projects for its economy to get upgraded,’ Bank Inteza’s BOD Chairman and Head of Inteza Sanpaolo Russian representation Antonio Fallico announced at a press conference in Yekaterinburg.

‘The Urals are not undergoing the troubles that are as serious as in Greece. There is no unemployment, and you can afford a little more that is absolutely necessary. The currency war does exist, and it will go on. As for the ruble, this is a rather decent currency, despite all the fluctuations. Those who convert their rubles into dollars are making a big mistake. Sooner or later, the ruble will become a respectable regional currency. I would advise those who have substantial savings to keep 60% of those in rubles, 30% in euros, and the rest in dollars,’ Fallico said.