What Is A Financial Crisis? Here Are The 5 Worst Of All-Time

No.5 Russian Ruble Crisis

Photo Credit: Cts0908

The Russian financial crisis, also called the “Ruble Crisis,” affected Russia in 1998, after the government devalued the ruble and defaulted on its debt. Some causes of the crisis included a decline in productivity, an artificially high fixed exchange rate against foreign currencies, and a chronic fiscal deficit.