December 26, 2008
Russian ruble slides again
The Russian ruble fell to a new low against the euro Friday with former Soviet leader Mikhail Gorbachev warning Russia faces a dangerous time.
The ruble slid fell to 40.81 against the euro and 29 against the dollar after the fourth currency devaluation by Moscow in a week, The Financial Times reported Friday.
Gorbachev told the Times Russia faces
unprecedentedly difficult and dangerous circumstances and could be
heading into a black hole as workers face non-payment of wages and loss of jobs.
Residents of Vladivostok staged a major protest earlier this month against car import duties designed to prop up domestic car makers, the Times reported, noting the bailout makes foreign cars prohibitively expensive for ordinary Russians.