Many people today remember the time when there was a default in Russia, t. To. This period was marked by a number of unpleasant events that have affected every citizen of our country.At that time (summer of 1998) savings in rubles almost immediately depreciated for a certain period were not paid pensions and salaries, went bankrupt and closed many businesses and banks.
the Russian debt default in 1998 was due to a number of external factors.In particular in the global markets in the segment of South-East Asia in 1997, the crisis erupted.During this period, the Thai currency was subjected to attacks of international speculators, causing Thai baht has fallen in value doubled against the dollar and the stock market - 75%.This state had a large number of obligations when insufficient GDP.Next strong shocks occurred in the economies of Malaysia, Indonesia and South Korea.This, in turn, led to an outflow of capital from developing countries (which include the Russian Federation) and the fall in commodity prices.
When was the default in Russia, the oil market has experienced unprecedented pre-price drop.It is known that in 1997 a barrel was worth about $ 19, while in May, a few months before the default, the price dropped to around $ 8.The country had a large international obligations and small gold reserves.Due to insufficient funds, the Russian government was forced to abandon the obligations on the bonds, loans on which were built on a pyramid system (GKO, OFZ) and declare a default on August 17.
When was the default in Russia, in the financial and economic system of a catastrophic event.Then ceased operations with government securities, the stock market collapsed, banks stopped issuing deposits.Following the resumption of operations with T-bills (state short-term liabilities), they were placed at a yield of more than 100%.
What impact has the financial crisis in Russia?The default reduced the gross domestic product of our country to the level of Belgium, we have become the largest debtor in the world (more than two hundred billion dollars) to the west has been deduced about 1.2 trillion dollars of Russian money (about eight budget for the time).The effects of the crisis were overcome during the long six years.
Mistakes made when he was a default in Russia, have provided invaluable experience for further development.Certain domestic industry has received a boost, t. To. The imported goods due to the growth of the dollar have become very expensive for the population.Russian goods was, on the contrary, it is easier to export, ie. A. Their value has fallen significantly due to the cheap rate.
were also made certain conclusions regarding the financial policy of the state.In particular, Russia's foreign debt at the end of 2013 amounted to 152 billion dollars, of which foreign bonds make up about $ 40 billion, and accounted for the bulk of the debts of the USSR.Gold and foreign currency reserves of the country (as opposed to 1998) are sufficiently large, equal to 700 billion dollars, constituting a "safety net."These measures allow the Russian economy to stay afloat during the current global economic crisis.
