1. Russain Currency Crash In August 1997
... to struggle. Many of the pro-western politicians turned out to be politically inept, and some outright corrupt. In addition, there is a growing mistrust of the Western ideals and ways. In August of last year, the Russian government defaulted on $40 billion worth of debt in ruble bonds, rocking the world's economy. Before this crisis, the Russian economy appeared to be developing quite nicely ... . They had a growing middle class and the needs of the poor were being met by a small but thriving volunteer sector. Many businesses, in light of competition from foreign ... greatly reduced Rus...
- Word Count: 4431
- Approx Pages: 18
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