Wednesday, August 19, 1998 FULL SHOW | HEADLINES | NEXT: Hyundai Strike
1998-08-19

Meltdown of the Ruble

download:   Audio Get CD/DVD More Formats
DONATE →
This is viewer supported news

This week, Russia announced it would devalue its currency, allowing the ruble to fall against the dollar. At the same time, Russia imposed delays on the repayment of billions of dollars in debt. The Clinton Administration defended the action, claiming that Russia had little choice if it was to avoid economic collapse. However, many mainstream newspapers report that the devaluation will hurt Russian consumers while western banks and corporate interests will be largely unaffected.

People familiar with the situation warn that this could ultimately be a social disaster for the Russian people. The country’s financial crisis has resulted in tens of thousands of workers no longer receiving paychecks. And a union of miners hasn’t been paid since the Spring.

Guests:

  • Boris Kravchenko, the secretary of the Miners Independent Trade Union of Russia, which has approximately 100,000 members.
  • Fred Weir, Moscow correspondent for the Canadian press and a contributing editor for In These Times.

Recent Shows More

Full News Hour

Stories

    2014-0730_siegman1
    "A Slaughter of Innocents": Henry Siegman, a Venerable Jewish Voice for Peace, on Gaza
    Today, a special with Henry Siegman, the former executive director of the American Jewish Congress, long described as one of the nation’s "big three" Jewish organizations along with the American Jewish Committee and the Anti-Defamation League. Henry Siegman was born in 1930 in Frankfurt, Germany. Three years later, the Nazis came to power. After fleeing Nazi troops in Belgium, his family eventually moved to the United States. His father was a leader of the European Zionist movement, pushing for the creation of a Jewish state. In...

Headlines

    There are no headlines for this date.


Creative Commons License The original content of this program is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License. Please attribute legal copies of this work to democracynow.org. Some of the work(s) that this program incorporates, however, may be separately licensed. For further information or additional permissions, contact us.