Medvedev sees chance for new world order

By Catherine Belton, Charles Clover and Courtney Weaver in St Petersburg

Published: June 18 2010 12:11 | Last updated: June 18 2010 12:11

Dmitry Medvedev, the Russian president, said Moscow was bidding to help lead efforts to build a new world economic order after the old system collapsed in the global financial crisis.

Opening Russia’s annual economic forum in St Petersburg where hundreds of global chief executives have flocked, Mr Medvedev said the renewed interest in Russia this year was a sign of a changing world in which the institutions of the western-dominated world order had had their day amid thousands of corporate defaults and the threat of sovereign defaults.

“What had seemed untouchable has collapsed. The bubbles that created the illusion of flourishing economies have burst,â€