The economic crisis of 1998–1999 in Russia

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Market ‘Reforms’ Exacerbate Crisis, Struggle In Russia
By Jack Barnes, Militant, Book of the Week Column, 20 March 1998. An excerpt from “Imperialism's march toward fascism and war” from the Marxist magazine New International no. 10. The promises by the imperialist bourgeoisie that capitalist market “reforms” would bring better living and working conditions have rapidly shown themselves to be lies.
Kagarlitsky testimony
To the Banking Subcommittee, 10 September 1998. Tt would be highly inappropriate to characterize IMF credits to Russia as “aid”. So far Russia has in general followed the instructions of the IMF and other international financial institutions. The basic principles and advice of the IMF resulted in the current chaos which has led to the total collapse of the Russian economy.
Russian Aid Package Abandoned
Associated Press, 14 January 1999. The International Monetary Fund has scrapped a massive aid program to help Russia dig itself out of its economic crisis—and there are no promises the two sides will be able to draw up a new package.
Market reform in Russia brings ‘dire economic situation’
By Nick Beams, World Socialist Web Site, 1 November 1999. A report by the global management consultant firm McKinsey has highlighted the devastating economic collapse which has taken place in Russia since the introduction of “market reform” and privatisation in 1992.
Russian Economy Shows Signs of Life
By David Hoffman, Washington Post, Wednesday 29 March 2000. Soaring oil prices have swelled budget coffers, foreign currency reserves are higher than at any time since the 1998 ruble devaluation, and domestic industry is showing signs of life.