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. Last Updated: 07/27/2016

Redenomination Blues

Our countrymen are not greeting the upcoming [ruble] redenomination with much enthusiasm. According to a poll conducted by the Social Opinion Fund, more than one-third (38 percent) of all Russians disapprove of the idea. ...

Imagine, for example, that some joint-stock venture received a 100 million ruble ($17,000) bank loan in January 1996, and is required to pay it back in January 1999. When the time comes, the joint-stock venture gives the bank 100,000 new rubles plus interest. But the bank says: "You took 100 million, that's how much you've got to pay back." And most notably, according to the old and the new civil codes, the bank would be absolutely in the right.

Komsomolskaya Pravda, Sept. 23.