Russian President Vladimir Putin said Monday it was important that U.S. President Barack Obama overcame a political crisis at home as soon as possible for the sake of the global economy.

Speaking at a conference on the sidelines of Asia-Pacific Economic Cooperation meetings, Mr. Putin said he believed that all APEC leaders gathered in Bali wished Mr. Obama success in tackling the turmoil.

As the world's biggest economy with the largest reserve currency, a lot depends on how stable it feels, he said, adding that he felt Mr. Obama's absence from the Bali meetings was justified.

"It is a difficult situation," Mr. Putin said. "If I were him, I wouldn't have come as well...and any leader of a state would have done this."

The White House announced Friday that Mr. Obama was canceling trips to Brunei and Indonesia amid the extended budget fight with Congress that has led to a partial shutdown of the U.S. government. He had previously called off stops in Malaysia and the Philippines .
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