Putin wants to erect 'iron curtain' to block outflow of capital

Archived Articles | 04 Nov 2008 | Paul GobleEWR

As part of his anti-crisis program, Prime Minister Vladimir Putin has proposed the erection of "an iron curtain" to keep capital from flowing out of the Russian Federation and to block banks from purchasing foreign currency (www.babr.ru/?pt=news&event=v1&....

Such a program, if implemented, might buy Russia some time but would ultimately exacerbate economic problems there and elsewhere. Meanwhile, polls show that one-third of the Russian people do not believe what Moscow is telling them about the impact of the economic crisis on Russia: they can see the continuing decline in the stock market, the value of the ruble, and the amount of government holdings (www.polit.ru/economy/2008/10/2.... And Russians are taking action: residents in Moscow and other urban areas tell pollsters they are cutting back on their purchases (www.romir.ru/news/res_results/....

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