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Russia's Economic Crisis
Russia's Economic Crisis
In November of 1997 markets fall worldwide,
marking the beginning of the worldwide economic recession.
On March 23, 1998 Yeltsin sacked his Prime Minister Viktor
Chernomyrdin and replaced him with not so well known
Kiriyenko, the energy minister to Viktor Chernomyrdin. May
12, 1998 coal workers strike over unpaid wages. They block
the Trans-Siberian railway. This turns foreign investors
off. Stock prices fall in the same month after the passing
of a law calling for the removal …
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…causes over one year which
led to the collapse of the world, Russian, and American
markets. Causing a downward spiral in the FTSE5000
(London), Nikkai (Tokyo), BOVESPA (Brazil), Hang Sang (Hong
Kong) and various other markets in all countries. In
addition it caused potential investors to be cautious about
the economic risks of investing in a previously bull
market. Due to the increasingly global markets all
countries were affected by this crisis in Russia.
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