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Russia's Putin urges G20 financial chiefs to consider social implications of their policies

Russia's President Vladimir Putin has called on financial chiefs of the world's leading industrial and developing nations to consider the political and social implications of their crucial policy steps.

Putin was on Friday hosting financial ministers and heads of central banks of the G20 group of nations ahead of their key meeting this weekend.

Putin told the gathering that financial authorities around the world should be mindful of political consequences as well as social implications on "various groups of the society" that many financial decisions lead to.

Governments across Europe, including Spain and Greece, have introduced harsh austerity measures in an attempt to control debts. This has had a damping effect on the countries' economies, leading to mass unemployment and broad public resistance.