BREAKING NEWS

BREAKING NEWS

Russia's market reform architect Gaidar dies

Now Reading:

Russia's market reform architect Gaidar dies

Text size Aa Aa

Yegor Gaidar, the architect of Russia’s market reforms, has died. The 53-year-old suffered fatal complications as a result of a blood clot.

Gaidar was reform commissar and acting prime minister under the late President Boris Yeltsin.
After leaving the politics he remained influential behind the scenes offering informal advice to Vladimir Putin on a range of economic issues.

Gaidar introduced reforms known as “shock therapy” which helped Russia’s post-Soviet transition.
Supporters say the changes lay the foundation for the 10-year economic boom Russia enjoyed from 1999.

But his policies also devalued the savings of millions of Russians and gave a handful of “oligarchs” their chance to grab state assets on the cheap.