Summers: We Cannot Bluff When It Comes to Russia

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March 24 (Bloomberg) -- Larry Summers, president emeritus of Harvard University and former U.S. Treasury secretary, comments on the Ukraine crisis and U.S. sanctions on Russia. He speaks on Bloomberg Television's "Street Smart." (Source: Bloomberg)

Sanctions on russia.

To do you think they're enough, will they actually inspire vladimir putin to try to not take over additional territories in ukraine or elsewhere?

No.

i am more focused on what we can do for ukraine.

Over what we can do to russia.

What is going to be most important is whether we can support a democratic outwardly oriented government of ukraine in being effective and developing rising standards of living for the ukrainian people.

That is going to be most important in terms of ukraine's economy.

That is going to be most important in terms of the struggle of values that is obviously going on between us and president putin.

My hope is that the imf will come with a large program soon.

My hope would be that it would be strongly supported and backed by the world bank, by the european bank for reconstruction, that congress will move quickly to support our loan guarantees and to support our capacity within the imf to help ukraine.

Those are, i think, the issues that are most important to me.

Yes, i think it is appropriate that there be sanctions on president putin, but we are to be very careful to be realistic in our aspirations.

It is always very dangerous and very tempting to promise dramatic action in response to provocations.

But great nations do not block up and we need to be very careful as we provide threats and as we make announcements even when it is painful, to limit our announcements and limit our goals to what is achievable.

It seems as though he thinks we are not going to do anything at all.

He went in to a undoubtedly end of it -- into crimea, and that was the end of it.

I hope very much that that will be the end of it for this

This text has been automatically generated. It may not be 100% accurate.

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