russian crisis

The improper financial policies implemented by the Russian government during and previous to the economic crisis of November 1997 causing Russia’s economy to decline lead to a severe crisis in August of 1998 which my avoided been contained or avoided if the situation would have been handled differently. Since May of 1998, Russia has been caught in the latest, and likely the most serious economic crisis. The crisis came to a head on August 17, 1998, when the government …

…the debt is held by foreign investors. The government also has not been able to rein in subsidies to agriculture, the residents of the far northern regions, and the oil and gas industries. It also has not adequately dealt with social payments to the aged, disabled, and others who require a financial safety net. The increasing burden of debt service made it difficult, if not impossible to address other budgetary priorities. Payments to workers, so