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This article reviews the origin and spread of the distressed debt problem in the transition region. We argue that while the crisis was triggered abroad, the current high level of distressed debt in various transition countries mainly reflects home-grown vulnerabilities. As in the West, the root...
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"In 1998, President Boris Yeltsin's government defaulted on its domestic debt and Russia experienced a financial … meltdown that brought it to the brink of disaster. In No Precedent, No plan, Martin Gilman offers an insider's view of Russia …'s financial crisis. As the International Monetary Fund's senior person in Moscow, Gilman was in the eye of the storm. Russia …
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