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George H. W. Bush: Hello, Mikhail.

Mikhail S. Gorbachev: George, my dear friend. It is good to hear your voice.

G.B.: I greet you on this momentous day, this historic day. I appreciate your calling me.

M.G.: Let me begin by saying something pleasant to you: Merry Christmas to you, Barbara and your family. I had been thinking about when to make my statement, Tuesday or today. I finally decided to do it today, at the end of the day. So let me say first Merry Christmas and very best wishes.

Well, let me say that in about two hours I will speak on Moscow TV and will make a short statement about my decision. I have sent a letter to you, George. I hope you will receive it shortly. I said in the letter a most important thing. And I would like to reaffirm to you that I greatly value what we did working together with you, first as vice president and then as president of the United States. I hope that all leaders of the commonwealth and, above all, Russia understand what kind of assets we have accrued between the leaders of our two countries. I hope they understand their responsibility to preserve and expand this important source of capital.