Page 34 - BNE_magazine_10_2020
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34 I Cover story bne September 2020
A HISTORY OF RUSSIAN CRISES
Ben Aris in Berlin
Russia has crises regularly. They happen for a variety of reasons: poor regulations, the lack of institutional checks and balances, rank corruption, heavy debt, no money in reserve, shallow capital markets, weak banking sectors and external shocks. And they cause havoc when they happen.
There have been four really big crises: in 1991 when the Soviet Union collapsed; in 1998 when the ruble collapsed and Russia defaulted on its debt; in 2008 when the collapse of the US housing market caused a global financial crisis;
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