The results of privatization in Russia have been various, Anatoly Chubais says. As reported by Rosbalt, the head of United Energy Systems Russia said, in answer to questions from students at Erevan State University, that the Russian economy had grown by 35% in the past four years. 'This is the best result in Europe,' Chubais said.
However, the YUKOS situation shows the negative side of privatization, he said. 'YUKOS is just that situation in which the government has gone against its own declarations about refusing to review the results of privatization,' Chubais declared. He said that for the first time in 12 years the outflow of capital from Russia in the first six months of 2003 had been exceeded by capital inflow. 'Then came the summer and YUKOS--and the outflow of capital began again. This situation makes business nervous,' the UES Russia chief declared.
Chubais considers such situations as inescapable in that the institution of private property is not a matter of document standards and laws but a matter of deep traditions, which are yet to appear. 'We lived 75 years in a country where private property was a crime; four generations lived with that. And now we've had 10 years. I can only say-the process is irreversible. There can be breakdowns, dissatisfaction, backsliding, but a return to the past is out. The worst part is behind us,' Chubais is convinced.
Russian President Vladimir Putin announced a possibility of a real revolution that may happen in world economy in the coming years to put an end to the monopoly of large Western banks