Shock-Therapy

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

USAID Cancels Harvard Russia Project After Discovering Shleifer and Hay Used Insider Positions to Profit from Russian Investments

1997-09-01 00:00:00 +0000 UTC | Importance: 8/10

The United States Agency for International Development (USAID) canceled most of its funding for Harvard’s Russia economic reform project after investigations revealed that top Harvard Institute for International Development (HIID) officials Andrei Shleifer and Jonathan Hay had used their …

Andrei Shleifer Jonathan Hay Harvard Institute for International Development United States Agency for International Development Lawrence Summers +2 more harvard russia usaid corruption conflict-of-interest +4 more

Russia's 'Loans-for-Shares' Auctions Transfer $100 Billion in State Assets to Oligarchs for Pennies on the Dollar

1995-11-01 00:00:00 +0000 UTC | Importance: 10/10

The Russian government under President Boris Yeltsin implemented the ’loans-for-shares’ privatization scheme between November and December 1995, auctioning twelve of Russia’s most profitable industrial enterprises—including mining, steel, shipping, and oil companies—to a small …

Boris Yeltsin Vladimir Potanin Mikhail Khodorkovsky Boris Berezovsky Roman Abramovich +3 more russia oligarchs loans-for-shares privatization corruption +5 more

IMF Approves $6.8 Billion Russia Loan With Structural Adjustment Conditions: Second Largest Loan in IMF History Fails to Stabilize Economy

1995-04-01 00:00:00 +0000 UTC | Importance: 9/10

The International Monetary Fund approved a $6.8 billion loan to Russia, the second largest loan the IMF had made at the time, following years of failed stabilization efforts and broken conditionality requirements. This was followed by an agreement in 1996 to provide a total of $10.2 billion over …

International Monetary Fund Boris Yeltsin Bill Clinton G-7 World Bank +1 more imf russia structural-adjustment conditionality shock-therapy +4 more

Russia Begins Mass Voucher Privatization: 148 Million Citizens Given Certificates Worth 'Two Volga Cars' That Become Worthless

1992-10-01 00:00:00 +0000 UTC | Importance: 9/10

Russia launched the world’s largest privatization program, distributing vouchers worth 10,000 rubles each to approximately 148 million citizens, enabling the privatization of over 15,000 medium and large enterprises. The program was designed and implemented by Anatoly Chubais, chairman of the …

Anatoly Chubais Boris Yeltsin State Committee for State Property Management Russian Government russia privatization shock-therapy oligarchs wealth-transfer +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

Harvard Receives $40 Million USAID Contract to Advise Russia's Economic Transition: 'Harvard's Blank Check from Uncle Sam'

1992-01-01 00:00:00 +0000 UTC | Importance: 9/10

Harvard University’s Harvard Institute for International Development (HIID) received a $40.4 million contract from the United States Agency for International Development (USAID) to provide advice on privatization and market reforms in post-Soviet Russia, awarded without normal competitive …

Harvard Institute for International Development Andrei Shleifer Jonathan Hay Lawrence Summers United States Agency for International Development +1 more russia harvard usaid shock-therapy privatization +4 more

Harvard's Sachs Becomes Yeltsin Economic Advisor After 'Grand Bargain' for Soviet Support Rejected by Bush Administration

1991-12-01 00:00:00 +0000 UTC | Importance: 8/10

Harvard economist Jeffrey Sachs became a formal economic advisor to Boris Yeltsin’s economic team in December 1991, after Yegor Gaidar—soon to be acting Prime Minister—contacted him in September requesting he come to Moscow to discuss Russia’s economic crisis. At that stage, Russia faced …

Jeffrey Sachs Boris Yeltsin Mikhail Gorbachev Yegor Gaidar George H.W. Bush +3 more russia jeffrey-sachs harvard shock-therapy foreign-policy +4 more