runs an unreconstructed economy. Weak and favored companies get government subsidies financed by the printing press, with price controls applied to counter the inevitable inflation. The result is shortages, a thriving black market, capital flight, and the exhaustion of the country’s reserves. The central bank is now down to its last $100 million in convertible currency, equal to about 72 hours’ imports. Wage arrears, which Lukashenka ordered to be cleared by September 1, remain unpaid.