Word: bailouts
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...devaluation had been anticipated, even after the IMF in mid-July put together a $22.6 billion bailout package. The deal didn't reassure investors, however, who continued to pull their money, in dollars, out of Russia. The central bank's efforts to maintain the ruble's value sapped its hard-currency reserves, now down to $17 billion. That is a significant figure: it's all that's left to help keep the ruble from falling through the floor of the new trading range: 9.5 to the dollar. Some currency exchanges on Moscow's streets are already asking...
Ukraine's President Leonid Kuchma pushed the begging bowl across the table when he met Al Gore on Wednesday. "Kuchma told Gore that Ukraine is in crisis and desperately needs a $2.5 billion bailout from the IMF," says TIME correspondent Yuri Zarakhovich. "He's hoping the U.S. will use its influence, because right now the IMF has even suspended existing credits to the country." The reason: Ukraine has made scant progress in reforming its Soviet-era economy, nor is it likely to while Kuchma remains shackled by a leftist-dominated parliament...
...financial market has practically ceased to exist," Kiriyenko said. "Social tension is growing in society, which naturally is not helpful to stabilization." Kiriyenko pleaded with the recalcitrant Duma to speed passage of a series of new tax laws that Russia needs to get a desperately needed multibillion-dollar bailout from...
...leave it better off in the long run -- but only if Russia can make it that long," says Meier. Tax reform has persuaded the IMF to release a delayed $670 million installment of a long-term loan, but Russia wants a $10 billion to $15 billion rescue plan. "The bailout has become the key to recovery," says Meier. "It's a psychological thing -- investors are waiting for the bailout to restore their confidence." And the miners out stopping trains want their wages...
MOSCOW: International Monetary Fund official Stanley Fischer left Moscow on Wednesday with some weighty reading for the plane ride home: Russian premier Sergei Kiriyenko's newest plan to make the Russian economy a good risk for a $10 billion IMF bailout. But before leaving, Fischer made it clear that the Russian bear would have to do plenty of dancing before the fund would consider opening its near-empty wallet...