Yevgeny Yasin, a science authority of National Research University of the Higher Economic School, said that no one to blame for the technical default of 1998, the 15th anniversary of which was marked last weekends.
He reminded that it was a problem of reforms of the 1991-1992 when the economy had been adapting. Yasin said that they had been aware about financial problems after the presidential polls of 1996. The budget was almost balanced in 1995. The first proper loan was taken in 1997. State bonds were very profitable.
The expert said that the crisis had been inevitable in the conditions. The recession was followed by recovery in November-December 1998. Some industrial spheres were on the rise, so the default turned into a solution for the economic stalemate.
