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...amounts to the first serious test of "Putinomics" - the domestic 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 into the state's coffers, the Kremlin was able to dispense largesse to ordinary Russians through generous social spending programs 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 by 25% annually. Even then there was money left over...

Author: /time Magazine | Title: Russia's Big Chill | 12/11/2008 | See Source »

...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...

Author: /time Magazine | Title: Russia's Big Chill | 12/11/2008 | See Source »

...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 mid-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 to do this time around. On Dec. 4, Putin fielded vetted questions from around the nation on a televised call-in show. One of the most poignant was a text message from an unnamed viewer: "What will happen to the ruble...

Author: /time Magazine | Title: Russia's Big Chill | 12/11/2008 | See Source »

...ended in bloodshed when troops were called in and opened fire: at least 20 people were killed and three dozen wounded. In his article, Gontmakher drew some parallels between the social tensions back then and the deteriorating economy today. Within days, the newspaper received an official warning from the Kremlin's media watchdog: Run any more such pieces, Vedomosti was told, and you face criminal charges under a law against inciting extremism...

Author: /time Magazine | Title: Russia's Big Chill | 12/11/2008 | See Source »

...Waite arrived at the famously dubbed “Kremlin on the Charles” as a conservative from Chicago, Ill. He is heavily involved with the campus organization Harvard Right to Life, and the conservative publication The Harvard Salient...

Author: By Helen X. Yang, CONTRIBUTING WRITER | Title: Classics Concentrators Espouse Outlandish Ideas | 12/8/2008 | See Source »

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