Yeltsin's Last Chance

'The fate of Russia is in your hands!" proclaimed banners stretching across the streets of Moscow and other Russian cities. What was surprising was how seriously voters took that message. In a critical Apr. 25 referendum, Russians rebuffed conservatives and gave President Boris N. Yeltsin a 58% vote of confidence. Defying expectations, 53% of voters also backed his tough economic program. The clear public mandate is a serious blow to the coalition of hard-line legislators blocking Yeltsin's reforms.

Now the big issue is how well and how fast Yeltsin can use his mandate. He is likely to accelerate the brisk sell-off of state factories and allow private land ownership. At the same time, he has to stop Russia's dramatic drop in industrial production and strengthen the ruble, which is now worth just one-tenth of a cent. And without touching off massive unemployment, he must get a grip on an inflation that's still roaring along at 18% a month.