Word: moratorium
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Faced with an impossible choice between closing these banks and defaulting on foreign debt, Russia's leaders placated the oligarchs for the time being. The forced restructuring will allow a 90-day moratorium on banks' foreign debt and a rescheduling of $40 billion in domestic debt. Given the decline of the ruble, this was roughly the same as announcing an intention to pay off debt with green cheese. Investors, to no one's surprise, rushed to sell out, until the limp, overloaded markets finally shut down. Russia, deprived of international capital--James Dorn of the Cato Institute calls it "financial...
Yeltsin's decisions to let the ruble float down as much as 34% and to put a moratorium on corporate- and bank-debt repayments are desperate measures, steps the U.S. and the International Monetary Fund advised against. If they are followed by real reforms of the tax and banking systems, the program might restore some confidence in the economy and bring investors back. But by itself, the floating ruble will slash the savings of some Russians and increase the cost of living for many, especially those who live in the cities, where more than half the food in the shops...
...devaluation and debt moratorium flop, the result is likely to be not only another financial panic, but also a discredited political establishment. Russia's leaders have proclaimed too often that they have found the way to lead the country out of its penury--only to falter. In this case, the currency reserves would run out, and so would the Kremlin's kredit doveriya--its fund of public trust...
...peace talks will ostensibly focus on the disputed region of Kashmir, but McGirk believes they're more likely to make progress on nonproliferation at this stage. Both sides have declared a moratorium on nuclear testing, and they're taking steps to reassure the world that they're not about to incinerate each other. There's nothing as effective as being cut adrift in a lifeboat to get a conversation started...
...November 1997, students voted to return grapes to the dining halls. In 1992 students had demanded an HDS moratorium on the purchase of table grapes following a nation-wide boycott inspired by union leader Cesar Chavez...