Nearly half of Russians fear repeat of 1998 ruble crisis, poll finds

Nearly half of Russians fear repeat of 1998 ruble crisis, poll finds
Under Yeltsin's stewardship, inflation hit 84% before the central bank defaulted on its debt obligations
By Henry Kirby in London January 29, 2016

Nearly half of Russians believe that a repeat of the 1998 financial crisis could happen within the next year, a poll by the Russian Public Opinion Research Centre (VTsIOM) has found.

49% of respondents said that they expect to see a repeat of the crisis, with some degree of certainty, within the next 12 months.

The poll, conducted on January 23-24, asked respondents a number of questions regarding life under former president Boris Yeltsin, who served from 1991 to 1999 as the first post-Soviet president of Russia.

The 1998 crisis saw Russia's GDP fall by over 5% in one year, while inflation hit 84% and the Cental Bank of Russia (CBR) defaulted on its debt obligaitons.

50% of respondents blamed Yeltsin for the 1998 crisis, up from 36% in 2007. Only 6% of respondents believed he did all he could to bring Russia out of the crisis, down from 13% in 2007.

68% of respondents said that the consequences of the 1998 crisis were so severe that they are still unable to return to the quality of life that they enjoyed before it.

 

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