1. Russain Currency Crash In August 1997
In the article "Money can't buy me love" in The Economist, Washington based Russia-watcher David Satter, states that the West had a dream of "a strong, friendly Russian government shouldering its shares of the world's problems". ... In addition, Russia has been the recipient of large amounts of financial aid and loans from the World Bank, the IMF, and various Western governments. ... In August of last year, the Russian government defaulted on $40 billion worth of debt in ruble bonds, rocking the world's economy. ... Also the government had a steady tax revenue stream. ... There ...
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