On August 17, 1998 Government of the Russian Federation declared defaults

On August 17, 1998 Government of the Russian Federation declared defaults, having refused to pay on the debts. Crisis about which the whole year was told by economists, became a turning point in the history of Post-Soviet Russian Federation. Russian Federation approached to crisis at the beginning of 1998. Deficiency state budgets reached the menacing sizes and was financed at the expense of increase national debts. To the middle of year percentage payments on the state loans exceeded receipts from new issues of state credit obligations...