Arsene Wenger declared people were in "dreamland" if they expected Arsenal to break the bank during the January transfer window and warned football was not immune to the credit crunch.
The Gunners head into the new year already behind in the Barclays Premier League title race - back in fifth, some 10 points off leaders Liverpool - while also without key men like captain Cesc Fabregas and England winger Theo Walcott because of injury.
Wenger is expected to look to strengthen his depleted squad, most likely in midfield, this month. Russia playmaker Andrei Arshavin continues to be linked with a £20million move away from Zenit St Petersburg.
However, given the current economic downturn, he maintains acquiring a new man will not be at any cost - and only if an "exceptional talent" can be found.
"We have a specific budget which is not as big as I have read in the newspapers, some ridiculous amounts of money that are completely crazy. But we will try to use it wisely and well if we can," he said. "At the moment people in football are not conscious of what is facing us economically. People still think we are in a bubble but we will be hit like anybody else in this economical crisis, I am convinced of that."
