
Former Russian Prime Minister Mikhail Kasyanov has a new book out entitled Without Putin (Bez Putina) in which he carries on an extended dialogue with former NTV pundit Yevgeny Kiselyov. Novaya Gazeta, whose publishing house is issuing the volume, has published an extended excerpt, and what follows is our staff translation (Dave Essel played no part and is not to be blamed for our errors, of which we would be pleased to be advised). If you are in Russia and want to buy the book, click here for the information. Note that we’ve added some explanatory material [in brackets] that is not in the original text.
I. Russia in Default
[LR: Mikhail M. Kasyanov was deputy minister of finance from 1995 until May 1999, when he became Finance Minister. The Ministry of Finance is analagous to the U.S. Treasury Department. A year later he became deputy prime minister, and from May 2000 to February 2004 he was the Prime Minister of the Russian Federation under the newly-elected “President” Vladimir Putin. He is now a leading figure in the “Solidarity” opposition movement that seeks to unseat Vladimir Putin and roll back Putin’s anti-democratic crackdown. When he sought to run for president against Dima Medvedev, his name was stricken from the ballot and he was placed under investigation for alleged electoral fraud.]
Mikhail Kasyanov
The situation at the beginning of 1998 was unusually tense. The price of oil had dropped to 12 dollars, but the ruble was not moving down as it should have done. In May, commenting on a report on the macroeconomic situation by the Board of the Ministry of Finance, I said what I thought was obvious: “Listen, this means we have no choice but to urgently to devalue the ruble.” [LR: Kasyanov’s goal was to avoid default on Russia’s sovereign debt by increasing foreign financial flows with a discounted domestic currency. This would, of course, heavily burden the pocketbooks of the people of the country.] They fell on me like a pack of wolves. “How dare you make such a suggestion in the middle of a crisis!?” they shrieked. But Oleg Vyugin, a fellow deputy finance minister, and I both insisted that an anti-crisis program be implemented immediately. In particular, we needed a large infusion of cash from the IMF so as to buy time to implement reforms across the board in the public sector.
Yevgeny Kiselyov
Why was so much precious time lost?
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