Word: chernomyrdin
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...Chernomyrdin, the former boss of a Soviet-era gas enterprise, is an improbable candidate to fix something so fundamental. The government he is putting together is likely to go the other way, back to the U.S.S.R., at least partway. If he brings communists into the Cabinet in what he calls a "government of accord," he could produce no more than stalemate. But if he acts on the compromise program he approved last week, things will get worse fast. When Chernomyrdin last served as Prime Minister, he took a crucial step: he stopped financing the government's budget deficit by printing...
There are no more loans in Russia's near future. Even the next IMF payment, due Sept. 15, is in doubt because the fund is demanding a balanced budget. So Chernomyrdin and the communists who run parliament intend to go back to the printing press and turn out rubles. That will bring back hyperinflation and pauperize the nation. The world will have to worry how even the docile Russians will accept such treatment, and what their political response will be. All indications are that Russians have tried communism and don't want to go back to it. But now they...
What faith can anyone put in Boris Yeltsin's words? Five months ago, the Russian President said Viktor Chernomyrdin was not good enough to be Prime Minister and fired him. Last week he hired him back as the "heavyweight" who could save Russia from collapse...
...obvious conclusion is that neither Yeltsin nor Chernomyrdin nor any of the other figures spinning in and out of the government's revolving door have a firm plan to quell the economic and political chaos. And even if one did, he probably could not muster the political support to make his program stick. There is, at the core of the Yeltsin regime, a vacuum of power and an absence of leadership. Yeltsin seems to be President in name only, a figure so diminished that he was forced onto national TV last Friday to insist, "I'm not going to resign...
...exploit the crisis was money power. Men made rich through political connections in the post-Soviet economy have wielded substantial influence ever since they got rich buying up government assets at bargain prices and two years ago financed Yeltsin's come-from-behind election victory. The reappointment of Chernomyrdin, the ponderous former natural-gas bureaucrat who was for years Yeltsin's most obedient Prime Minister, signals the intention of these rich men to obtain a government that will protect their ill-gotten assets...