It is ten years since Russia faced the most devastating economic crisis in its modern history. In August 1998, the government declared a 'default' -- which meant that the state couldn't pay for its own bonds. The rouble was devalued, inflation rocketed, and many banks and businesses collapsed. The word 'default' horrifies many Russians even now, and it's no surprise, as the 1998 crisis radically changed many peoples' lives.
