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Strategies & Market Trends : Asia Forum
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To: don pagach who wrote (4180)6/5/1998 5:06:00 AM
From: Thomas Haegin  Read Replies (1) of 9980
 
A bit Off-topic on Russia: Don,

thanks for the article by J.Sachs. I sincerely hope that the new Russian government will move forward more energetically than the former Chernomyrdin & Co., especially on tax collection and wages payments. They absolutely MUST do that in order to decrease dependency on foreign capital to fund their budget.

I do think however defending the Ruble - with or without IMF questionable involvment - at this point is still a good move in order to install confidence, not the least among the Russian general public. A plunging Ruble would, among other things, undermine the whatever little credibility left for the reformers completely.

Thomas
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