Economic-Collapse

Russia Defaults on Debt and Abandons Ruble Defense: Largest Sovereign Default in History Caps Decade of Economic Devastation

1998-08-17 00:00:00 +0000 UTC | Importance: 10/10

The Russian government under Premier Sergei Kiriyenko announced a sovereign debt default, devaluation of the ruble, and a 90-day moratorium on commercial external debt payments, marking the climax of Russia’s most serious economic crisis since the 1991 Soviet collapse. Three days after …

Boris Yeltsin Sergei Kiriyenko International Monetary Fund Central Bank of Russia Russian Government russia financial-crisis sovereign-default shock-therapy imf +4 more

Russia Launches 'Shock Therapy' Economic Reforms: Price Liberalization Triggers 2,520% Inflation and Economic Collapse

1992-01-02 00:00:00 +0000 UTC | Importance: 10/10

Russian President Boris Yeltsin ordered the liberalization of foreign trade, prices, and currency, launching the radical ‘shock therapy’ economic transformation designed by Deputy Prime Minister Yegor Gaidar, a 35-year-old liberal economist advised by Harvard’s Jeffrey Sachs. The …

Boris Yeltsin Yegor Gaidar Jeffrey Sachs Harvard University International Monetary Fund +1 more shock-therapy russia shock-doctrine neoliberalism privatization +5 more