Putin Plots Comeback, Russia Market Crashes

Everybody knows who’s in charge in Russia, but formally Putin may be coming back. Reuters is citing a Russian newspaper which says current President Dmitry Medvedev may resign in 2009, allowing Putin to reclaim that role. Shockingly, Medvedev may implement some changes to the constitution to make this easier. We get the impression their constitution is a bit more malleable than ours, not sure why.

It doesn’t sound like the Russian market is too excited about the return to Russian democracy:

Investors, already jittery over the impact of the financial crisis on Russia’s economic boom, are trying to work out who is really in charge of Russia, the biggest question for those seeking to ascertain political risk.

They are seeking any details on how the current set up — with Medvedev as president and Putin as prime minister — could change. During Medvedev’s speech Wednesday the Russian stock market erased most of the gains it made earlier in the day.

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