1998

20 years ago, Russia experienced one of the most devastating crises in its recent history — on 17 August 1998 the government defaulted.  Today I watched an interesting documentary in Russian - Черный август. Дефолт, documentary tells about events and causes which led to the default. What really caught my attention was the GKO, or  Государственное Краткосрочное Обязательство GKO are short-term zero-coupon government bonds issued by the Russian Finance Ministry and trade on the Moscow Inter…