PRESIDENT Yeltsin has taken a large gamble by entrusting a young reformer hated by many Russians with the task of trying to pull the country out of its deep economic crisis.
The appointment of Anatoly Chubais as first deputy Prime Minister last Friday was greeted by howls of protest from the communist opposition over the weekend.
Moscow had been buzzing with rumours of change in the government for days after Mr Yeltsin called the Prime Minister, Viktor Chernomyrdin, into his Kremlin office and dressed him down as if he were a naughty schoolboy in front of the television cameras.
In his state of the nation speech last week, the President again heaped criticism on the government for failing to tackle corruption and allowing taxes to go uncollected, so that a huge backlog built up in payments of state sector wages and pensions.
Critics and supporters of Mr Yeltsin alike agreed that he had diagnosed Russia's problems accurately. The question was what was he going to do about the crisis? Some newspapers speculated he would sack Mr Chernomyrdin; others thought he would sacrifice a few minor figures to give the impression he was being tough.
In its editorial, the Moscow Tima urged Mr Yeltsin to be bold. Because no new elections were due immediately, it said, he had a "window of opportunity" to continue reforms which he began at the start of his first presidency but which became bogged down when Russia embarked on its disastrous war in Chechnya.
The fact that Mr Yeltsin, only now effectively starting his second presidency has opted to bring Mr Chubais (Al) back into the government indicates that he has decided to use the window. In his speech to both Houses of Parliament, the President said he would retire in 2000 and wanted to hand over to his successor an economically healthy country.
But the appointment of Mr Chubais to run the economy is fraught with risk and it remains to be seen whether the young reformer can help Mr Yeltsin to a worthy place in history.
Mr Chubais, from St Petersburg, was in the original team of economic experts who launched market reforms for Mr Yeltsin back in 1992 when they freed prices which had for decades been set by the state. Russians called the reformers, who were led by Yegor Gaidar, the "boys in pink pants" Russian babies wear pink knickers because they were all in their 30s, which was ridiculously young for politicians in a country used to being led by dinosaurs.
Mr Chubais was given the fiendishly tricky job of privatising an economy that had been so strictly controlled by the state that anyone who tried to trade for himself risked being jailed as a "speculator". He came up with the idea of giving citizens vouchers with which they could buy shares in former state enterprises.
Western politicians and financial organisations, such as the International Monetary Fund, admire Mr Chubais for his commitment to market reform. But, of all the boys in pink pants, the red haired Mr Chubais is most unpopular with ordinary Russians. "Ginger" and "Carrot Top" are only the printable names given to the man seen by many as public enemy number one. This is because they perceive he allowed valuable state property to be sold off at knockdown prices and profited hugely himself, an accusation which he denies.
Early last year, when Mr Yeltsin was first preparing for reelection, he fired Mr Chubais from the government, fearing he would be a liability. But the young reformer is a brilliant organiser and soon he was back in the President's team, running the campaign. When Mr Yeltsin won a second term against all the odds he rewarded Mr Chubais with the post of head of the presidential administration. The Kremlin relied on him heavily through his illness, provoking accusations from the opposition that Mr Chubais was a "prince regent" or an unelected power behind the throne.
As Mr Yeltsin recovered, Mr Chubais saw his own role in the Kremlin diminishing, and he wanted to return to economic work, which is his speciality. Supporters say that if anyone can rescue Russia from its dire crisis Mr Chubais can. But the risk is great because the communists, who dominate the State Duma are already saying they will call for a vote of no confidence in any government which includes Mr Chubais.