"In 2009, the Russian economy fell by almost 8 percent, alarming many citizens who feared a repeat of the crash in 1998, when whole branches of industry came to a standstill, the most systemically important banks went bust and candy wrappers almost became currency.
Drawing lessons from the 1990s
However, it turned out that Russia had learned the hard lessons of the late 1990s, grasping the importance of living within one's means. For 13 years, the government did not allow a budget deficit, and only last year, during the election period, did federal expenditure exceed revenues by 0.1 percent of GDP."
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