Word: rublee
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The fiercer battle will be over Chernomyrdin's proposal to peg the ruble to the dollar via a currency board -- everyone from international lenders to the Communist opposition is skeptical. "It's like having 1,000 people in a room with no air, and then throwing in a bottle of...
The Russian people have been lied to for centuries. Generations of Czars spun visions of a world that eventually proved to be an illusion. The communists, their ideology and the Soviet state turned out to be illegitimate as well. Little wonder that today's citizens are confused and distrustful, wondering...
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 devaluation had been anticipated, even after the IMF in mid-July put together a $22.6 billion bailout package. The deal didn't reassure investors, however, who continued to pull their money, in dollars, out of Russia. The central bank's efforts to maintain the ruble's value sapped its...
NEW YORK: Russian fears gave Wall Street another jittery ride Friday. The Dow veered wildly between a 150 point drop and a 60 point-climb, ending the day off by 114. Europe was in an ambiguous mood, too. At one point investors couldn't get their money out of stocks...