Putin criticizes West's lending policy toward countries with emerging market economies

MOSCOW. Aug 24 (Interfax) - The West seeks to drive countries with emerging market economies into financial bondage under the guise of lending to the respective countries, Russian President Vladimir Putin said at a meeting of the leaders of the five-country BRICS plus format.

"The president of Brazil [Luiz Inacio Lula da Silva] mentioned the debt burden of emerging market economies. On the one hand, resources are of course being pumped out in huge quantities. On the other hand, a relationship is created in the area of loans, when it becomes practically impossible to repay the loans. It looks like indemnity rather than loan obligations," Putin said at the meeting.

Putin noted that a threat to establishing a new world order is also "radical neo-liberalism imposed by several countries aimed at destroying traditional values."

"For the sake of opportunistic tasks, some politicians do not hesitate to justify even neo-Nazism, xenophobia and extremism of various kinds, they condone terrorists," Putin said.

"The world majority, to which the countries present here belong, is becoming ever more tired of all sorts of pressure, all sorts of manipulations, though is ready for honest, equal and mutually respectful cooperation," Putin stressed.