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Strategies & Market Trends : Investment in Russia and Eastern Europe -- Ignore unavailable to you. Want to Upgrade?

To: djane who wrote (422)	8/11/1998 7:57:00 PM
From: Real Man	Read Replies (1) \| Respond to of 1301

It appears the government anti-crisis package was not approved by the Duma - at least not its key parts. Russia is also pressured by continued low oil price. I expected sideways to up medium-term (3 Months) with a possible selloff after that. It's quite remarkable how quickly the IMF news was sold. This is very bearish. I would expect a bounce now because the market is very oversold, but I would not count on it. The key story in Russia - they have to pay the short-term debt somehow. They don't have enough $$ for it - IMF loan + taxes appears not enough. They hoped to refinance the short-term debt or raise cash by privatization of state stake in oil and gas companies, but in current market situation there are no buyers. -Vi