In a letter to the Financial Times, Soros urged devaluation of the ruble coupled with a currency board pegging the currency to the dollar, guaranteed by $50 billion from the G7 countries. With Russia's hemorrhaging expected to continue through the summer, President Clinton can expect to see the by-now familiar begging bowl edged across the table when he visits Moscow in September.
MOSCOW: That George Soros sure can talk up a storm: He used the words "terminal phase" to describe the condition of Russia's markets Thursday, and the markets obligingly tanked. Trading was halted after 40 minutes, during which blue-chip stocks lost more than 30 percent of their value. But, notes TIME correspondent Andrew Meier, Soros may simply be saying what the Russian government can't say: "The IMF bailout isn't working, and without a bigger commitment tied to a clear plan, the current bailout is simply pouring money down the drain."