Word: fyodorov
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Dates: during 1990-1999
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Market reform is in retreat as well. The day after President Clinton finished his Moscow summit, Yegor Gaidar, chief architect of economic reform, resigned. Four days later, Boris Fyodorov, the other major reformer, was purged from the government. The ruble is collapsing. The Prime Minister talks of a return to wage and price controls...
...this is acutely embarrassing for Clinton, who had trumpeted Yeltsin's commitment to reform during his Moscow visit. Treasury Secretary Lloyd Bentsen, in particular, waxed enthusiastic about the assurances he had received that reform would continue. Assurances from whom? From the doomed Gaidar and Fyodorov, with whom Bentsen had excellent meetings...
Though Yeltsin tried to keep him on, another top free-marketeer, Finance Minister Boris Fyodorov, resigned, saying he would not serve in a government that also retained the free-spending central-bank chief Viktor Gerashchenko. Three other reform ministers lost the rank of Deputy Prime Minister. Only one new economic thinker remained in the Cabinet: Anatoli Chubais, who heads the program that is successfully privatizing small businesses. "I see no tragedy in some people leaving the government," sniffed Chernomyrdin. "It is a natural process...
...contrary, Fyodorov responded, "this is a turn back." He forecast the government of Chernomyrdin and Gerashchenko would push inflation, now running at about 20% a month, up to 30% by April. "A collapse is inevitable," he said. The daily Izvestia agreed: "The government of reformers has ceased to exist." Two top Western economists, Jeffrey Sachs of Harvard University and Anders Aslund of Sweden, resigned as advisers to the government...
...many of the reforms designed to create a market economy in Russia. The country's most prominent advocate of free markets, Economics Minister Yegor Gaidar, had previously resigned, charging that the government was not committed to economic reform. After the Cabinet announcement, Gaidar's reformist comrade- in-arms, Boris Fyodorov, quit his post as Finance Minister and said the country's economic policy was taking a "turn back." Said Chernomyrdin: "The period of market romanticism has ended...