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Strategies & Market Trends : Investment in Russia and Eastern Europe
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To: Real Man who wrote ()5/14/1998 1:47:00 PM
From: Real Man   of 1301
 

MOSCOW, May 14 (Reuters) - Russia will need careful economic
management to weather the coming months in view of the global
financial crisis that has hit all emerging markets, U.S Deputy
Treasury Secretary Lawrence Summers told a briefing on Thursday.
But he said he had been impressed by the government's
commitment. "We were very much impressed by the degree of
cohesion and commitment," he said, referring to meetings with
officials including Deputy Prime Minister Boris Nemtsov.
Summers was paying his first visit to Moscow since Prime
Minister Sergei Kiriyenko appointed a new government to replace
that of Viktor Chernomyrdin, dismissed by President Boris
Yeltsin on March 23.
"It is an important moment of challenge, particularly in
light of developments in emerging markets in general," Summers
said, referring to the latest tremors from Asia's financial
crisis that have depressed Russian shares and kept the
government's borrowing costs high.
Summers said investors were now more sceptical about
emerging markets and were looking for greater financial
transparency, improved accounting standards and better market
regulation.
"Careful economic management is going to be required in
Russia in the period just ahead," he said.
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