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. Last Updated: 07/27/2016

Bank Brands Russia in G-7 'Grotesque'

FRANKFURT, Germany -- The chief economist of Deutsche Bank AG said in a radio interview Wednesday it was "grotesque" that a heavily indebted country like Russia sits at the same table with Group of Seven leading industrial nations.

"This gesture - and I regard it as a gesture - is intended to signal to the Russians that we want to strengthen their self-confidence," Norbert Walter told DeutschlandRadio, according to a statement released by the radio station.

Walter said Russia must give "justified hope" of an improvement in its economic structure before creditors can agree to a restructuring of its debt.

Deutsche Bank chairs the London Club's bank advisory committee and hosted Tuesday's meeting.

Walter urged Western countries to focus more on promoting a performance-oriented economy.

"If we had a democratic and a market economic order ... instead of Mafia, then a debt of $150 billion could be serviced and in the end repaid," he said.