03/12/1998 AT 12:00 AM EST

Former Soviet President Mikhail Gorbachev, who claims he lost his entire life savings during the Russian financial meltdown in August. Germany's Bunte magazine reports that Gorbachev says he lost approximately $80,000, the bulk of his dwindling savings, when the bank holding the money went under, leaving the employees of his foundation without pay since then.

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