Word: yeltsin
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MOSCOW: Boris Yeltsin's latest cabinet reshuffle has left his supporters worried about his sanity while his country braces for yet another 180-degree turn in economic policy. Five months ago Yeltsin fired Prime Minister Viktor Chernomyrdin for fomenting a financial crisis; on Sunday he reappointed Chernomyrdin to resolve that crisis. "To put it generously, this is rather illogical on Yeltsin's part," says TIME Moscow bureau chief Paul Quinn-Judge. "It has raised serious doubts over the president's logical processes, even among his staunch backers...
...Although Yeltsin told the country Chernomyrdin's appointment was supposed to "maintain stability," its effect may be the opposite: The prime minister wants to reverse last week's ruble devaluation package and is expected to drop Anatoly Chubais from his cabinet -- one of the few Russian politicians to enjoy any confidence among Western bankers. President Clinton, when he arrives at the Kremlin next week, may feel as if he's walked into the Mad Hatter's tea party. "Yeltsin is no longer connected in any sense to the solution to Russia's crisis," says Quinn-Judge. "He's very much...
...error occurred while processing this directive]Fortune Investor Data Although the exposure of U.S. investors to the Russian markets is minimal, the country's woes hit Europe hard, and that comes home to America. Not to mention the chilling prospect of the crisis toppling Yeltsin's government and bringing to power a host of ex-Communists with itchy trigger fingers. It's not yet time to vacuum out the ol' fallout shelter -- but if you're looking for some kind of refuge from this economic Chernobyl, Baumohl recommends bonds. "Foreign markets are getting hit hard, and foreign investors are going...
MOSCOW: What's Boris Yeltsin so mad about? TIME Moscow Bureau Chief Paul Quinn-Judge says the Russian president's tirade over U.S. missile strikes is equal parts bluster, envy and a little dog-wagging of his own. "On one level, he feels personally slighted about being out of the loop on the attack," says Quinn-Judge. "But like Clinton, Yeltsin has a domestic scandal of his own to contend with: his devaluation of the ruble. With the parliament calling for his resignation, a little burst of nationalist fury does not go amiss...
...crisis is rooted in a lack of confidence in Russia's markets by foreign investors, "but confidence was lacking because there was no sign this government could do any better than its predecessors," says Quinn-Judge. And this week's fiscal spasms are unlikely to restore Western faith in Yeltsin...