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Gold/Mining/Energy : Gold Price Monitor
GDXJ 104.49-2.1%Dec 8 4:00 PM EST
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To: goldsnow who wrote (12792)6/9/1998 6:44:00 PM
From: goldsnow   of 116798
 
Yeltsin tells bankers to back rouble
By Alan Philps in Moscow

RUSSIAN bankers may "lose their heads" if they are caught speculating
against the ailing rouble, President Yeltsin has said.

Mr Yeltsin's threat was disclosed just before his arrival yesterday in
Bonn where he is relying on Chancellor Kohl to back his government as it
tries to cope with the financial crisis that saw interest rates hit
150pc last month.

In an interview with the magazine Der Spiegel, Mr Yeltsin was asked
about Russian's reliance on "hot money", or speculative finance, to plug
its budget deficit. He said he had told Russian bankers: "If you forget
for one moment that you are working in Russia, then I guarantee that in
response someone will lose his head."

After his warning, 10 leading Russian bankers and magnates issued a
statement on Friday endorsing the government's anti-crisis programme.

The President made clear that his threat was not directed at the
international banking community, only at Russian institutions. But it
highlights the Kremlin's concern at the ruthlessness of modern financial
markets in exploiting economic weakness.

Mr Yeltsin said he would not be "begging" in Bonn, but market analysts
expect Mr Kohl to issue a strong statement of support for the stability
of the Russian economy.
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