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The German Economic Minister and the Russian Minister of Economic Development and Trade met in Berlin on December 12th to discuss details of a plan to exchange Russian debt for German equity in Russian companies. The two sides have agreed in principle to swap a large share of Russia's fourteen billion dollar debt. The option they are considering is giving to Germany a significantly larger share in Russia's gigantic gas export monopoly, obtaining several billion dollars worth of stakes in Russia's enterprises would make Germany a major shareholder in Russian industry giving Berlin a stronger voice in Moscow. In addition it would further tie Berlins interests to economic and political stability in Russia, Russia already supplies about thirty five percent of Germany's gas needs.

Transcript of this Sermon coming.

Sermon Date: January 6, 2001