The startling news broke at 2 p.m. EST. From Moscow, CNN bureau chief Steve Hurst reported, in a live phone conversation from the Soviet capital, that Mikhail Gorbachev was "considering his resignation" as chief of the Communist Party. The report, attributed to an unnamed party source, sent the economic and political world into an immediate tizzy. On foreign currency markets the value of the dollar surged; on Wall Street the stock market took a quick plunge. White House officials pleaded ignorance, world leaders were puzzled, and in Moscow (where CNN is seen in many government offices) phones jangled all night as...
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