Word: yeltsin
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...sent the Dow rebounding 288 points, in the second-largest single-day point gain in history. President Clinton, for whom rising stocks have covered a multitude of sins these past six years, tracked the Dow anxiously as he traveled to beleaguered Moscow. During a dinner with Russian President Boris Yeltsin, Clinton stopped economic adviser Gene Sperling in the receiving line to tell him, quietly but with palpable relief, that "the market's up" and flashed a thumbs-up sign...
...search of diversification, or simply higher returns, were sorely disappointed last week. Day after day, one giant U.S. bank after another came forward, like sheepish A.A. members fallen off the wagon, to confess they had succumbed to the lure of big returns from Russian investments on which--surprise!--the Yeltsin government has defaulted. Citicorp announced that its earnings for the third quarter will be cut by about $200 million in Russian losses. The price tag at Bankers Trust, about $260 million; at brokerage firm Salomon Smith Barney, $360 million in the past two months...
What a telling picture the Moscow summit made. Bill Clinton looking weary and spent, his head sunk in his hands, his lips tight in a glum line as reporters badgered him about Monica. Boris Yeltsin next to him, befuddled and disoriented as he struggled to link answers coherently to questions. When a journalist asked whether the Russian President would accept someone other than Viktor Chernomyrdin as nominee for Prime Minister, Yeltsin paused for a moment that grew painfully long. "Well," he finally said, "I must say, we will witness quite a few events for us to be able to achieve...
MOSCOW: He may not hold many cards, but declining to play them allows Boris Yeltsin to control the game. Yeltsin kept Russia on tenterhooks Wednesday, waiting to hear whether the president would renominate Viktor Chernomyrdin or accept a compromise candidate as prime minister. "The reason for Yeltsin's silence isn't clear," says TIME Moscow bureau chief Paul Quinn-Judge. "He's known to withdraw and get depressed when he's under pressure. But it could also be a maneuver to keep everyone off balance -- it's certainly having that effect...
...Yeltsin is running out of time. "He is no longer a powerful individual," says Quinn-Judge, "but his presidency remains all-powerful. So Yeltsin can retain the initiative simply by doing nothing." But the political deal that will underwrite a new government -- whoever is at its head -- is likely to strip the presidency of many of its executive powers, including the right to appoint and dismiss the government. So the current silence could be Yeltsin's autocratic swan song. And constitutionally, it can last only until Monday...