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Strategies & Market Trends : Investment in Russia and Eastern Europe
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To: djane who wrote (457)8/18/1998 7:41:00 PM
From: Real Man  Read Replies (1) of 1301
 
It is expected that such a move would cause only negative comments
from financial press. Most of the stocks listed on RTS are commodity
producers, who were hurt by low commodity prices. This will help
them. IMO controlled devaluation is something they had to do to
avoid even greater disaster later. Too much debt to pay and nobody
is willing to buy Russian securities from the government. If they
waited longer, the risk of uncontrolled devaluation would grow.
Russia is in a deep trouble, a fact that is well known now by
everyone. I have not seen a single positive article for a long
time (the last one was the IMF loan). So far things are going from
bad to worse. On top of this there is a lot of negativity in the
Russian press towards the current government, which means political
instability. The current government would like to reform Russian-style crony capitalism to a normal capitalism, a step which meets
fierce resistance. The press is controlled by Russian financial
barons, and it appears the government is losing the press war.
So we may well see a worse government in future. There are now not
one, but two generals who are promising presidential candidates.
It's difficult to be optimistic, with new Duma elections in 1999 and
Presidential elections in 2000.
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