"Default" or "Devaluation"
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The default on state obligations in the GKO market in August 1998 could have reduced the burden on the country's budget, that is, improved finances. However, to please external and comprador interests, under the pretext of default, the country carried out a catastrophic devaluation of the national currency (the ruble). In addition to the sharp decline in living standards in the Russian Federation, the devaluation of the ruble destabilized the economy and the state, and excluded the Russian Federation from participation in international politics.
FL/848498/R
Data sheet
- Name of the Author
- Александр Михайлов Григорьевич
- Language
- Russian
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The default on state obligations in the GKO market in August 1998 could have reduced the burden on the country's budget, that is, improved finances. However,...