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To: goldsnow who wrote (19379)	9/20/1998 10:50:00 PM
From: Terry Rose	Read Replies (3) \| Respond to of 116770

goldsnow, Does anybody know where I can buy those 10 year Japanese bonds yielding 1%? What a deal. At any rate the Asian markets have given a thumbs down on the latest Japanese bank bailout plan. Asian markets are once again a sea of red. Seriously, how can the Japanese government rescue these banks using public pension money that has already been spent supporting their stock market? Adam Smith must be turning over in his grave observing this nonsense. This is a classic shell game. I also find it very amusing that Clinton now views all this turmoil as historic and not just a bump in the road as he opined last year. He should have checked this thread. I guess he was into other things then. Terry,

To: goldsnow who wrote (19379)	9/21/1998 1:33:00 AM
From: Alex	Read Replies (2) \| Respond to of 116770

Russia 'did not misuse' IMF billions By James Meek and agencies in Moscow Monday September 21, 1998 Russia's former central bank chief, Sergei Dubinin, denied at the weekend that International Monetary Fund money had been misused after the country's chief prosecutor revealed that a formal investigation was under way into the bank's accounts. On Friday the prosecutor, Yuri Skuratov, said that a joint team, including officials from the interior ministry and the former KGB, had been in the bank for more than a week investigating, among other things, the use of the IMF's last $4.8 billion ( œ2.9 billion) loan during the final desperate days of the government of Sergei Kiriyenko. Mr Dubinin, replaced since the catastrophic devaluation of the rouble and the collapse of the Russian banking system by Viktor Gerashchenko, admitted billions of pounds had been spent in an attempt to prop up the currency. But he said this was money from the central bank's reserves and that the IMF funds had been kept separate. Mr Skuratov said "not everything was clean" at the bank. An angry Mr Dubinin countered that the prosecutor's comments were "totally groundless and simply irresponsible". The replacement of the pro-Western Kiriyenko government with the more interventionist regime of Yevgeny Primakov, and the waning of President Boris Yeltsin's power, may lead to a series of investigations - some genuine, some politically motivated witch-hunts and settling of scores - into figures associated with the early years of reform. On Saturday the first effects of the Primakov-Gerashchenko approach to Russia's financial crisis began to be felt in the commercial banking sector, which was flushed with soft rouble credits in an effort to get the system working again. Critics say the effect will be higher inflation and, potentially, another flood of hard currency leaving the country. The financial investigation and Mr Dubinin's reaction overshadowed yesterday's announcement by Mr Primakov that his new government had a plan to lead Russia out of its economic crisis. "Restoration of confidence in the country's leadership, as well as confidence in Russia throughout the world, is a priority task of the new government," Mr Primakov told the leaders of the Union of Industrialists and Entrepreneurs. He admitted the government did not have enough cash to tackle all the country's economic problems at once, but said priority would be given to the payment of pensions and back wages. The prime minister told the business and banking forum that even though he had not yet named his entire cabinet, the government had been working on the recovery plan for six days. It will include the imposition of some Soviet-style controls and the printing of billions of roubles, which will almost certainly stoke inflation. Consumer prices have already began to soar after being under control for more than a year. But Mr Primakov also sought to assure foreign investors that Moscow would meet its obligations, and he strongly urged the business and banking leaders to participate in the reforms. At the same time, he urged Western leaders to fulfil their promises of aid to Russia. The IMF, which put together a $22.6 billion ( œ13.5 billion) aid package to Moscow, has said the next instalment will be postponed until the government resumes market reforms. Venyuamin Sokolov, the chief auditor of the Moscow parliament's auditing chamber, said he had warned the IMF not to extend any more loans to Russia until efficient controls are in place. Gennady Zyuganov, leader of the Communist Party, said at its annual plenum on Saturday that his supporters would demand that the new government support Russian industry and set an official minimum standard of living. The Communists concentrated at their meeting on fine-tuning plans for a national day of protest scheduled for October 7. According to the Interfax news agency, Mr Primakov's agenda for meeting the industrialists included discussion of the day of protest. reports.guardian.co.uk