12 SEPTEMBER 1998, Page 28

Critical moment

THE RUSSIANS now admit that they burned up $9 billion of their reserves in the hopeless defence of the rouble. We have seen nothing like it for six years, when the Chancellor of the Exchequer then in office burned up all our reserves in the hopeless defence of the pound. On the last tumul- tuous day's trading he contrived to lose £4 billion. I forget his name, but I remember that he was keen on the Russians.