Word: rublee
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In many countries, the pitch of chaos Russia reached last week would have produced panic, fury, demonstrations, even riots. The street value of the ruble halved. Banks are tottering and closing, and the Moscow stock market has all but evaporated. The crash has shaken investors and governments around the world...
It is doubtful whether reform is even listed on the Russian agenda right now; its time may have passed. Yeltsin is a spent force and shows no sign that he understands what the problem is. Chernomyrdin and the people he brings in with him think the problem is too much...
The problem was that Russia's banking system was a mess, which meant the well-intentioned devaluation quickly turned into a free-for-all. The particular dilemma was that Russia's banks were loaded down with foreign-currency debt, which meant that a decrease in the value of the ruble...
The chaos started two weeks ago, when the Yeltsin government effectively devalued the Russian ruble by about 34%. To some folks, this limited devaluation appeared to be a wise move that might strengthen Russia's exhausted central bank. Since the Russian economy had been quietly improving last year, a small...
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...