Word: kremlins
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This all amounts to the first serious test of Putinomics--the policies put in place by Prime Minister Vladimir Putin during the two terms of his presidency, from 2000 to 2008, and continued by his successor, President Dmitri Medvedev. While oil money was pouring in, the Kremlin was able to fund generous social spending and hefty pay raises awarded by the monolithic state companies that dominate the economy. Jobs were plentiful, and over the past five years, average wages have risen 25% annually...
...first, the Kremlin tried to prop up the currency, but after blowing through tens of billions of dollars in September and October, it changed course in November and has since begun a policy of phased devaluation. That's calling up bad memories of the ruble's collapse in 1998 and prompting nervous talk around kitchen tables about what...
...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 said Russians were asking a "fair question" when they wondered about what was happening. His answer: "We will do everything, everything in our power ... so that the collapses of the past years should never be repeated in our country." Says Alexander Kliment, a Russia analyst at the Eurasia Group...
...Volkswagen has invested about $350 million in an assembly plant and is producing about 320 cars per day. Peugeot is not far behind. Dietmar Korzekwa, VW's group representative for Russia, says the automaker is continuing with its current growth plans. In part, VW is betting that if the Kremlin raises import taxes on autos, as it has suggested it might, it will become more advantageous to manufacture in Russia...
...Both Putin, who is now Prime Minister, and current President Dmitry Medvedev, called the new Patriarch soon after the votes were tallied on Tuesday. It is widely believed that no Patriarch can emerge from the tightly controlled process of candidates? selection and voting, unless vetted by the Kremlin...