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Russia: Market Rebounds, Yeltsin Criticizes Economy

Moscow, 14 August 1998 (RFE/RL) -- Russia's stock market rebounded today after a dramatic weeklong decline, increasing 16 percent. But economists expressed skepticism that the rally would continue when markets reopen next week. Earlier today, in a visit to the historic city of Novgorod, President Boris Yeltsin vowed not to devaluate the ruble, saying Russia's newest financial crisis is due partly to global market problems. But he appealed to the State Duma to return from summer recess for an emergency session to discuss bills the government says are vital to its anti-crisis package. Yeltsin criticized Economy Minister Yakov Urinson, saying his approach was "too academic" and lacked dynamism.

In Moscow, Communist Party leader Gennady Zyuganov told a news conference he is ready to act on Yeltsin's appeal. Zyuganov said the Communists and their two leftist parliamentary allies, the Agrarian Party and the People's Power group, all agree that the situation in Russia is "extraordinary" and requires special measures.