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September 28, 1991 | MICHAEL PARKS, TIMES STAFF WRITER
In a frantic effort to save its collapsing economy, the Soviet Union sold two-thirds of its gold reserves in the last year, spent all of its foreign currency holdings and went deeper into debt overseas, the government's chief economist said Friday. Grigory A. Yavlinsky, deputy chairman of the provisional committee managing the Soviet economy, said the Soviet Union, one of the world's major gold producers, now holds only 240 tons in gold reserves, worth about $2.7 billion.
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NEWS
May 31, 1992 | MICHAEL PARKS, TIMES STAFF WRITER
Although he already has promises of $24 billion in aid from the West this year, Russian President Boris N. Yeltsin is compiling a list of what further assistance he wants when he meets leaders of the major industrial nations this summer. At the top is a five-year moratorium on Russia's repayment of the estimated $80 billion of debts the country inherited from the Soviet Union. Yeltsin also wants an end to the West's strategic restrictions on the transfer of high technology to Russia.
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NEWS
May 31, 1992 | MICHAEL PARKS, TIMES STAFF WRITER
Although he already has promises of $24 billion in aid from the West this year, Russian President Boris N. Yeltsin is compiling a list of what further assistance he wants when he meets leaders of the major industrial nations this summer. At the top is a five-year moratorium on Russia's repayment of the estimated $80 billion of debts the country inherited from the Soviet Union. Yeltsin also wants an end to the West's strategic restrictions on the transfer of high technology to Russia.
NEWS
December 5, 1991 | CAREY GOLDBERG and KAREN TUMULTY, TIMES STAFF WRITERS
The Soviet Union notified foreign banks Wednesday that it will suspend billions of dollars in loan payments starting today, a move that bankers said will badly damage what little credibility as a borrower Moscow has left. Spokesmen for the Soviet Bank for Foreign Economic Affairs said the suspension came as part of an agreement on debt relief reached last month with the Group of Seven major industrialized countries.
BUSINESS
April 10, 1990 | ART PINE, TIMES STAFF WRITER
Officials of the United States and 41 other countries ironed out their last major differences over the proposed East European development bank Monday, clearing the way for final approval of the new institution as early as next month.
NEWS
December 30, 1990 | CAREY GOLDBERG, TIMES STAFF WRITER
Soviet President Mikhail S. Gorbachev, his government desperately strapped for cash to finance next year's budget, imposed a 5% sales tax Saturday on all consumer goods and services, effective New Year's Day. In a brief decree, Gorbachev said that the tax is needed mainly for social programs and to reduce the budget deficit and that it will apply to sales of "manufactured and technological commodities, consumer goods, work and paid services."
NEWS
December 28, 1990 | MICHAEL PARKS, TIMES STAFF WRITER
Russian President Boris N. Yeltsin, in a major confrontation over the future of the Soviet Union as a federal state, has cut his republic's contribution to the national budget by 85%, threatening the whole country with imminent economic collapse, Soviet President Mikhail S. Gorbachev told the national Parliament on Thursday.
BUSINESS
March 28, 1990 | JAMES FLANIGAN
What's the connection between Soviet soldiers in Lithuania and bankers in Frankfurt, London, Tokyo and New York? Simply this: The bankers may be the most effective restraint on the troops, because if the Soviet army takes to shooting Lithuanians, the Soviet Union can kiss its credit rating and its economy goodby. The Soviet Union has been borrowing heavily--$6 billion last year and $6 billion in 1988--and it now owes $49 billion to Western banks.
BUSINESS
June 6, 1991 | KAREN TUMULTY, TIMES STAFF WRITER
The world's wealthiest nations joined the United States on Wednesday in warning Soviet President Mikhail S. Gorbachev that he must produce a concrete program to turn his crumbling economy from central planning to free-market capitalism before they will discuss the massive aid package he wants.
NEWS
November 16, 1991 | DOYLE McMANUS, TIMES STAFF WRITER
More than two months after the Bush Administration began promising economic help to the Soviet Union in the wake of an abortive coup against President Mikhail S. Gorbachev, the long-awaited "humanitarian aid" still has not appeared--and other, more ambitious forms of assistance are even further behind, officials said Friday. The long delay in assembling a $1.
NEWS
November 12, 1991 | Associated Press
The Soviet Union's foreign debt has topped $81 billion, far higher than previously reported, the independent Interfax news agency said Monday. The figure was disclosed at a closed-door meeting of the Inter-Republic Economic Committee, formed to run the country after the failed August coup. Just last week, the Soviet foreign debt had been put at $65 billion to $68 billion. The Tass news agency quoted committee chief Ivan S.
BUSINESS
November 6, 1991 | KAREN TUMULTY, TIMES STAFF WRITER
Amid reports that the Soviet Union may be on the brink of running out of hard currency to make debt payments, representatives of the West's leading industrial powers will meet in Paris today to discuss options for dealing with a potential liquidity crisis, sources said Tuesday.
BUSINESS
October 22, 1991 | KAREN TUMULTY, TIMES STAFF WRITER
The United States and its principal Western allies are considering a combination of temporary debt-relief measures for the Soviet Union, including both a deferral of principal payments and a "bridge" loan, Treasury Undersecretary David Mulford told a Senate panel Monday. Some analysts have estimated that, with a significant part of their $70-billion debt coming due in the next few months, the Soviets could be facing a shortfall of more than $5 billion.
NEWS
September 28, 1991 | MICHAEL PARKS, TIMES STAFF WRITER
In a frantic effort to save its collapsing economy, the Soviet Union sold two-thirds of its gold reserves in the last year, spent all of its foreign currency holdings and went deeper into debt overseas, the government's chief economist said Friday. Grigory A. Yavlinsky, deputy chairman of the provisional committee managing the Soviet economy, said the Soviet Union, one of the world's major gold producers, now holds only 240 tons in gold reserves, worth about $2.7 billion.
NEWS
July 10, 1991 | DOYLE McMANUS, TIMES STAFF WRITER
President Bush plans to send a letter to Soviet President Mikhail S. Gorbachev this week warning him not to expect any direct financial aid from the United States and its allies, senior U.S. officials said Tuesday.
BUSINESS
June 10, 1991 | From Times Staff and Wire Reports
The Soviet Union's top banker said in Basel, Switzerland, that he favored asking the West for massive technical assistance rather than loans to help revive the country's economy. Viktor Gerashchenko, chairman of the State Bank, also said he was sounding out Western export credit guarantee agencies about unprecedented debt rescheduling to give Moscow time to repay $5 billion in trade debts due this year. Gerashchenko said he was not sure if Soviet President Mikhail S. Gorbachev shared his views.
NEWS
December 5, 1991 | CAREY GOLDBERG and KAREN TUMULTY, TIMES STAFF WRITERS
The Soviet Union notified foreign banks Wednesday that it will suspend billions of dollars in loan payments starting today, a move that bankers said will badly damage what little credibility as a borrower Moscow has left. Spokesmen for the Soviet Bank for Foreign Economic Affairs said the suspension came as part of an agreement on debt relief reached last month with the Group of Seven major industrialized countries.
BUSINESS
June 10, 1991 | From Times Staff and Wire Reports
The Soviet Union's top banker said in Basel, Switzerland, that he favored asking the West for massive technical assistance rather than loans to help revive the country's economy. Viktor Gerashchenko, chairman of the State Bank, also said he was sounding out Western export credit guarantee agencies about unprecedented debt rescheduling to give Moscow time to repay $5 billion in trade debts due this year. Gerashchenko said he was not sure if Soviet President Mikhail S. Gorbachev shared his views.
BUSINESS
June 6, 1991 | KAREN TUMULTY, TIMES STAFF WRITER
The world's wealthiest nations joined the United States on Wednesday in warning Soviet President Mikhail S. Gorbachev that he must produce a concrete program to turn his crumbling economy from central planning to free-market capitalism before they will discuss the massive aid package he wants.
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