With an eye to the crisis

Banks Finansy18-08-2008 With an eye to the crisis with Russia than meets the decade since the first in the history of a major financial crisis? We recall ten years ago, on Aug. 17, 1998, the Russian financial market hit by a financial crisis caused by the collapse of pyramid-Bills (short-term government bonds). Russia defaulted on domestic debt. This led to a systemic banking crisis, and followed him to the severe economic crisis. Despite the large scale of both the crisis and its aftermath, the entire lowdown of what happened and today remains a mystery. Where did the billions of dollars earmarked for the prevention of default, why artificially fomented the panic, who was the "curator" of the crisis - on each such question there are many versions and legends. These questions, we decided to ask the experts who found the crisis in the thick of things. " However, even at a distance, assessment experts strongly divergent. Thus, executive vice president of the Association of Russian Banks Anatoliy Miliukov convinced that the crisis was the result of "ill-conceived economic policy."