Russia not in position to help with Greek debt crisis

July 8, 2015 8:56 AM

"This is Europe's problem," Kostin said on the sidelines of the BRICS summit in Russia's city of Ufa.

Russia not in position to help with Greek debt crisis - VTB CEO

Russia is not in a position to help solve the Greek debt crisis, but the European Union should resolve it on its on, Andrei Kostin, chief executive officer at Russia's second largest bank VTB, said on Wednesday.

"This is Europe's problem," Kostin said on the sidelines of the BRICS summit in Russia's city of Ufa. "Europe has created it and it should resolve it on its own. I do not think that Russia is in a position to help."

The Greek withdrawal from the eurozone is the potential exit of Greece from the eurozone monetary union, primarily for the country to deal with its increasingly unmanageable public debt.

The controversial and much discussed possible exit is often referred to in financial circles as "Grexit" or "grexit", a portmanteau combining the words "Greek exit" introduced by Citigroup's Chief Analysts Willem H. Buiter and Ebrahim Rahbari on 6 February 2012.