The Russian economy is in dire straits, but a policy of prudence and patience could save it, according to Boris Nemtsov, a former deputy prime minister of Russia who spoke to a crowd of about 150 people in Boylston Hall last night.

Nemtsov's speech, entitled "Russia: You Can't Understand It, You Can Only Believe In It," is one of three Nemtsov scheduled to give during a two-week sojourn in Cambridge.

Nemtsov served as Russia's deputy prime minister from March 1997 to August 1998, gaining a reputation for reform before being forced out by an economic crisis.

He used a series of graphs to illustrate the slowdown in the Russian economy and outline the steps he believes could help the country climb out of its decline.

Currently, unemployment in Russia is at 12 percent and 40 million people have incomes below the poverty line, Nemtsov said. Daily interest payments on the national debt exceed the government's daily income, he added.

Nemtsov said Russia's budget deficit should be reduced and the national debt restructured. Tax laws should also be reformed, he said.

"The situation will improve very soon, but not immediately," Nemtsov said.

Nemtsov also said failing businesses should be allowed to go bankrupt to reduce inefficiencies and that law enforcement needs to be improved to promote stability.

"The level of corruption [and] the level of crimes is so high it is impossible [for the economy] to operate," Nemtsov said.

"People need to be in a safe situation," he added.

Upcoming parliamentary and presidential elections will be important in determining Russia's future, said Nemtsov, who fielded questions in Russian following the speech.

"Russia needs a new generation," Nemtsov, said.

Feldberg Professor of Government and Russian Studies Timothy J. Colton, who introduced Nemtsov, said the former deputy prime minister represents a newer, more effective kind of Russian politician.

"People who ten years ago had no chance to participate now function like politicians," said Colton, who is also director of the Davis Center for Russian Studies.

"You need political entrepreneurs that can connect the government to what ordinary people want and feel."

Nemtsov's next speech is at noon Friday in Coolidge Hall.