As world leaders descend on the Swiss mountain resort of Davos for the World Economic Forum opening tomorrow, Arkady Dvorkovich, a key aide to Russian president Dmitry Medvedev, has said “western governments must find ways to deleverage their debt-ridden economies, without triggering a major recession. Meanwhile, the Brics (Brazil, Russia, India and China) and other emerging economies must maintain their strong growth rates, offsetting more sluggish growth in Europe and the US.”

Writing in the Financial Times, Dvorkovich points out that 40% of Russia’s currency reserves are held in the Eurto and that an offer to support the Euro with at least $10bn of loans through the IMF, is conditional on the EU presenting a credible plan.

“Too much rides on its survival,” he wrote.