September 2, 1998 |
Citicorp; Morgan Stanley, Dean Witter, Discover & Co.; and Bankers Trust Corp. on Tuesday joined a growing list of financial institutions announcing that plunging Russian markets saddled them with losses in trading and other businesses. Citicorp, the second-largest U.S. bank, said losses related to Russia will cut third-quarter earnings by $200 million.
December 31, 1998 |
Russia's default on $26 billion in Soviet-era debt to commercial banks worldwide this week won't sting top U.S. banks further since most wrote off their Russian debts months ago, economists said Wednesday. But the move gives banks an even stronger case for denying crucial new loans to help rouse the country from its crisis, analysts and economists in London and New York said. "Any U.S. bank is going to be extremely cautious about getting involved with Russia in the near future," said James J.
November 5, 1998 |
After insisting it would pay its staggering foreign debts this year and next, Russia gave up and announced Wednesday it will have to ask its creditors to stretch out payments. The government was scheduled to pay $3.5 billion this year and $17.5 billion next year to foreign creditors. But First Deputy Prime Minister Yuri D. Maslyukov said, "Both tasks are too much for our weakened economy." Russia's economy was swept up in the global financial crisis last August.
March 15, 1993 |
Russian President Boris N. Yeltsin is determined to press ahead with his program of financial stabilization and market reforms despite political setbacks he suffered in Moscow last week, Russia's deputy prime minister for the economy said Sunday. Boris G. Fyodorov spoke to reporters after meeting here with representatives of the world's so-called Group of Seven leading industrial nations to discuss stepped-up international assistance for Russian reform efforts.
August 14, 1998 |
The global economic firestorm further engulfed Russia on Thursday, and leaders here seemed even less eager than Japan's to undertake the reforms the rest of the world is demanding. Russian politicians responded with expressions of defiance and denial to the spreading concern that their vast country's economy is in free fall, the ruble threatened with devaluation and debt default a growing possibility. "Craziness" was how Prime Minister Sergei V.
December 7, 1992 |
Having survived an attempt by lawmakers to weaken his control of the government, President Boris N. Yeltsin faces a battle this week over the tenure of his acting prime minister and architect of Russia's transition from communism to the free market.
March 22, 1993 |
On the day after Russian President Boris N. Yeltsin precipitated the gravest crisis of his country's young democracy, Washington's judgment Sunday was that the Russian leader had little choice but to seize emergency power--and that President Clinton had no alternative but to support him.
September 19, 1998 |
As Moscow's new government of old faces searches for ways out of the country's economic crisis, a heated debate has broken out among Russia specialists in the United States about how the Clinton administration should respond. Some experts argue that recent events have unmasked as a catastrophic failure the seven years of U.S.-backed efforts to build free-market capitalism in Russia.
March 21, 1999 |
This week, the Clinton administration has an opportunity to reverse the downward spiral in its relations with Russia. Monday, Russian Prime Minister Yevgeny M. Primakov arrives in Washington for talks with U.S. and International Monetary Fund officials. With Russia's democracy--indeed, survival--threatened, these officials should grasp the nettle and relieve Moscow of some of its crushing foreign debt.
January 15, 1995 |
As images of the wanton destruction of Grozny flickered across TV screens this past week, even the most optimistic observer of the Russian scene must have felt a sense of dark foreboding. Whether Russia's heady experiment with democracy and market reforms will suffer only a temporary setback, or a serious reversal, as a result of the Chechnya debacle cannot be predicted.