RUSSIAN MARKETS REVIVE ON NEWS OF IMF CREDIT.

Russia’s financial markets rallied in response to yesterday’s announcement, with blue chips rising 15 percentage points at the news. Financiers warned, however, that this could yet prove a flash in the pan. There would need to be firm evidence, they said, that the government was serious about reform for the rise to be sustained. (Itar-Tass, July 13; Financial Times, July 14)

MOSCOW AND TOKYO REITERATE DETERMINATION TO IMPROVE TIES.