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India, for its part, is unlikely to allow people in the disputed areas to simply choose a side. A referendum there would inevitably renew demands for the long-promised plebiscite in Kashmir. But political parties on the border have not been shy about using these residents to swell their vote...

Author: /time Magazine | Title: A Great Divide | 2/5/2009 | See Source »

As the world financial crisis buffets country after country, Russia hasn't been spared. It's in much better shape than it was during the last financial crisis, in 1998, when the ruble collapsed and the country defaulted. This time, Russia has $450 billion in foreign reserves left from the...

Author: /time Magazine | Title: Russia: The Trouble with Putinomics | 2/5/2009 | See Source »

For weeks, as the stock market cratered and some private Russian banks wobbled, the official Kremlin line was "This is primarily an American issue." Finally, on Nov. 20, Putin admitted that Russia too was in trouble. Announcing a $20 billion economic-stimulus package and an increase in unemployment benefits, he...

Author: /time Magazine | Title: Russia: The Trouble with Putinomics | 2/5/2009 | See Source »

Russia needs foreign companies to plug a huge hole in Putin's economic policies. During his first term, Putin introduced modern tax and corporation laws. But he failed to spur the development of a business infrastructure that would enable Russia to shake its overreliance on energy and metals. Now, as...

Author: /time Magazine | Title: Russia: The Trouble with Putinomics | 2/5/2009 | See Source »

Well, Congress can say. For example, Commerce Committee chairman Henry Waxman inserted language into the House version that limited energy grants to states that give their utilities incentives to promote energy efficiency. And Congress could make sure the money is spent productively by attaching a few general strings to the...

Author: /time Magazine | Title: How to Spend the Stimulus | 2/5/2009 | See Source »

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