On the 13th of August, 1998, the stock, bond, and currency markets of a recently liberalised Russia collapsed. Confidence in the strength of the ruble and the Russian government plummeted. The stock market even closed for 35 minutes with stocks having lost 75% of their value since January of that year. 4 days later, Russia defaulted on their own state bonds and commercial banks declared … Continue reading Russia, 1998. What Went Wrong?