Putin, Wen urge new financial order

By Simon Hooper
CNN
DAVOS, Switzerland (CNN) - Russian Prime Minister Vladimir Putin and Chinese Premier Wen Jiabao called Wednesday for the complete reform of the world's financial system during keynote speeches at the World Economic Forum in Switzerland.

The global economic meltdown dominated the agenda on the opening day of the annual meeting of powerbrokers and opinion formers, with Putin telling delegates that the crisis constituted a "perfect storm."

While economists and analysts could - and should - have predicted the crisis, Putin said, instead it had "come unexpectedly, just as winter comes unexpectedly to Russia every year."

He said it is time to "do away with virtual money" and establish an "economy of real values" grounded in a "just and efficient global economic architecture."

Earlier, Wen called for greater cooperation between developed and developing nations in tackling the global financial crisis and building a new world economic order.