His Old Friends

All of a sudden German Gref, the head of Russia’s largest credit institution Sberbank, while in Singapore, announced that he ‘did not have any plans to work in government’. It is baffling why he would say this because it is unlikely that such a proposal would ever be made.

German Gref and Alexey Kudrin, who lost his job as Finance Minister two days ago, are like-minded people. They created and tried to carry out economic reforms of the early 2000s. And, despite minor differences, their views on the economy are practically identical.

Incidentally, the Central Bank chairman Sergei Ignatiev also hastened to declare that he did not receive a proposal to head the Finance Ministry.

So far it is unclear whether the old guard simply lost the touch with the Kremlin or they decided to show solidarity with the former colleague and stay away from President Medvedev who promises both generous spending and tax cuts.