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Microcap & Penny Stocks : DGIV-A-HOLICS...FAMILY CHIT CHAT ONLY!!

DGIV 0.00

Dec 5 4:00 PM EST

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To: Secret_Agent_Man who wrote (9211)	5/28/1998 3:40:00 PM
From: RocketMan	Read Replies (1) of 50264

FLASH: THE WORLD IS NOT GOING TO END. MOSCOW, May 28 - Russia's currency and stock market - the latest flashpoints in the rash of instability in developing markets - rebounded on Thursday after President Boris Yeltsin's government took drastic steps to protect the ruble. After an emergency meeting in the Kremlin, Yeltsin declared he would not allow markets to force a devaluation of the ruble, a move that would seriously impact the national budget and average Russians. "RUSSIA'S FINANCIAL MARKET will not collapse," Yeltsin said. "The Central Bank and Finance Ministry have sufficient reserves to control the situation," Yeltsin said after meeting with Prime Minister Sergei Kiriyenko and other members of his economic policy-making team, according to Russian news agencies. On wednesday, Russia's Central Bank tripled its main interest rate to 150 percent in a move to stem the meltdown momentum and stabilize the ruble. It also announced that its reserves of $14.5 billion would be more than enough to defend the currency. Yeltsin said the rate rise was implemented to avoid an Asian-style financial crash. While analysts remained concerned about the long-term, stability on Wall Street Wednesday and calmer Asian markets Thursday combined with Yeltsin's promises to boost Russian shares higher Thursday. The key Russian Trading System index was up 6.57 percent by 4 a.m. ET.

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