In 1995, there was an attempt to lower inflation in Russia by cutting the budget deficit in half and legally prohibiting the central bank from lending rubles to the government for deficit financing.

Russia faced a fiscal crisis in 1996 due to high debt servicing costs, short-term maturities, and the impact of exchange rate depreciation. The government struggled to address the fiscal problem amidst tax evasion, capital flight, and reliance on external financing and domestic debt.

The IMF restarts its loan disbursement to Russia, releasing $700 million that was delayed in October. The accord includes recommendations for Russia to increase revenues and reduce spending.

Camdessus announces that he will extend the IMF's loan program to Russia by one year. He also says that the IMF will relax the stringent tax-revenue targets that have been used as a criteria for awarding loans to Russia.

The IMF announces the delay of a $3 billion installment of its $40 billion loan package to Indonesia due to Suharto's failure to fulfill his part of the agreement. Suharto accuses the IMF reforms of being 'unconstitutional'.

Russian President Boris Yeltsin unexpectedly dismisses his entire cabinet, including Prime Minister Viktor Chernomyrdin, causing a major political shakeup in Russia.

On May 12, 1998, coal miners went on strike due to unpaid wages, leading to the blockage of the Trans-Siberian Railway.

Russia's financial system is under immense pressure as stock and bond markets plummet, leading the central bank to raise interest rates significantly to prevent the collapse of the ruble.

On 29 May 1998, Boris Yeltsin appointed Boris Fyodorov as the Head of the State Tax Service.

On June 1, 1998, Russia experienced a stock market crash leading to Moscow's cash reserves dropping to $14 billion. Efforts to stabilize the ruble and pay off debts were unsuccessful.

The US spent $6 billion to purchase yen in order to boost its value and strengthen it. This move was aimed at influencing the exchange rate between the US dollar and the Japanese yen.

Indonesia and the IMF reached a fourth agreement to assist the country's economy, which was facing severe challenges. The IMF agreed to provide financial support, including restoring subsidies and offering funds for essential needs, to stabilize the situation in Indonesia.

On July 1, 1998, Russia's lower house of parliament, the Duma, delays making decisions on spending and tax reforms crucial for closing the budget deficit and qualifying for IMF loans.

On July 6, 1998, Moscow's financial markets suffer a significant drop as the government's attempt to raise funds by selling state-owned oil company shares fails. The situation worsens as Moscow indicates a potential IMF loan agreement.

On July 10, 1998, President Clinton intervenes, urging the IMF to swiftly finalize negotiations for emergency financial aid to Russia. This action follows a plea for assistance from Boris Yeltsin, the President of Russia.

On July 13, 1998, the IMF announced an agreement on a new financial package of $17 billion for Russia, including loans from the IMF, World Bank, and Japan. The package aimed to provide Russia with much-needed financial assistance through 1999.

On July 15, 1998, the State Duma, dominated by left-wing parties, refused to adopt most of the government's anti-crisis plan, leading the government to rely on presidential decrees.

On July 16, 1998, Russia's State Duma approved some of President Yeltsin's proposed $16 billion tax reforms to meet the conditions set by the IMF for receiving loans. However, the Duma rejected the implementation of higher sales and land taxes.

The International Monetary Fund (IMF) granted final approval for a $22.6 billion loan package to Russia. However, due to the Duma's failure to enact certain austerity measures as per the loan agreement, the initial installments were reduced from $5.6 billion to $4.8 billion.

On July 29, 1998, Yeltsin replaced Federal Security Service Chief Nikolay Kovalyov with Vladimir Putin, sparking fears of a Cabinet reshuffle.

By August 1, 1998, there was a staggering $12.5 billion debt owed to Russian workers.

Amidst growing concerns, the World Bank grants a $1.5 billion loan to Russia, providing financial support as Moscow faces mounting pressure.

Asian markets experience a sharp decline as Hong Kong and China intervene to protect their currencies from devaluation.

The Russian stock market crashes due to concerns over Moscow's financial stability and the possibility of default.

President Yeltsin of Russia convenes an emergency parliamentary session amidst the financial crisis, emphasizing the urgency of the situation.

The Russian financial crisis of 1998, also known as the ruble crisis or the Russian flu, began with the devaluation of the ruble and default on debt by the Russian government and Central Bank. It had severe impacts on the economies of neighboring countries.

Russia fails to pay its debt on GKO or treasury bills, leading to an official default. The IMF and Group of Seven (G-7) withhold additional loans until Russia fulfills its existing promises, causing a ripple effect in global markets.

On August 23, 1998, amidst the financial collapse, Yeltsin fired Kiriyenko and announced plans to reinstate Chernomyrdin. This move reflected the political turmoil and opposition faced by the government during the crisis.

On August 24, 1998, Russian President Boris Yeltsin dismissed Sergei Kirienko from the position of Prime Minister and appointed Viktor Chernomyrdin as his replacement.

On August 26, 1998, the Central Bank of Russia terminated dollar-ruble trading on the Moscow Interbank Currency Exchange (MICEX) amidst the ongoing financial crisis. This decision marked a significant event in the economic turmoil faced by Russia during that period.

On August 31, 1998, Wall Street experienced a significant decline due to the turmoil in Russia and world markets. The Dow Industrial average dropped 512 points, marking one of the worst point losses in its history.

On September 2, 1998, the Central Bank of the Russian Federation decided to abandon the 'floating peg' policy and float the ruble freely. This led to a significant devaluation of the ruble, with the exchange rate reaching 21 rubles for one US dollar by September 21.

On September 4, 1998, Federal Reserve Chairman Alan Greenspan stated that the US was prepared to reduce interest rates to prevent the crisis from hindering US economic growth.

On September 7, 1998, Russia's Duma rejects Prime Minister-designate Chernomyrdin, leading to political and economic turmoil in the country.

President Yeltsin nominated then-Foreign Minister Yevgennij Primakov to be the prime minister after a political dispute with the Duma. Primakov's government was seen as less inclined to pursue economic reforms.

The International Monetary Fund (IMF) declares that the crisis in Latin American markets is a result of an overreaction to Russian events. They offer to provide financial assistance to Latin American countries through an emergency credit line.

The IMF stopped further payments to Russia, including the second tranche of $4.8 billion scheduled for September 15, due to the Russian government's failure to meet the loan conditions. This led to financial instability and challenges for Russia.

On September 24, 1998, stocks on Wall Street and in Europe experienced a significant decline due to fears that the losses suffered by the world's largest banks in the Long Term Capital debacle could jeopardize the entire banking system.

On September 28, 1998, Boris Fyodorov was discharged from the position of the Head of the State Tax Service. This event had implications on the Russian government's financial management.

On September 29, 1998, the Federal Reserve decided to cut interest rates by a quarter point in response to the financial turmoil caused by the Long Term Capital debacle.

On September 30, 1998, concerns that the Federal Reserve's actions were insufficient to rescue the US and global economies led to a 238-point drop in the Dow Jones Industrial Average, resulting in a total loss of more than 500 points in a short period.

Between October 1, 1997, and August 17, 1998, the Central Bank spent around $27 billion of its U.S. dollar reserves to uphold the floating peg policy.

Moscow establishes an emergency food reserve and approves a spending plan to address winter food shortages, requiring the central bank to print $1.2 billion for various purposes including paying back wages, supporting banks, and providing food to regions in need.

On October 31, 1998, the International Monetary Fund (IMF) refuses to release a $4.3 billion installment of the $22.6 billion aid package promised to Russia in July. The IMF demands a realistic budget for 1999 before resuming negotiations for disbursement.

On November 5, 1998, Russia reaches an agreement with foreign investors to repay $40 billion of frozen debt in rubles. However, Russia expresses its inability to fulfill the repayment immediately.

On November 6, 1998, the US agrees to supply 3.1 million tons of food to Russia to alleviate the impact of the country's poor grain harvest and decreasing food imports due to the devaluation of the ruble.

On November 9, 1998, Kazakhstan implemented a new employment policy to promote freely chosen employment in response to the economic crisis. This change aimed to address the impact of the crisis on the country's workforce.

The moratorium imposed by the Joint Statement expired on November 15, 1998, as the Russian government and Central Bank did not renew it. This had consequences for the financial stability of the country.

The Russian government announced plans to increase wages for the army and provide payment to the public sector, amidst pressures to balance spending priorities within revenue constraints.

On February 2, 1999, Arminio Fraga, a former portfolio manager to billionaire George Soros, is appointed as the president of Brazil's Central Bank.

The Duma approved the budget proposal for 1999 submitted by the Primakov government, which includes measures to stabilize the economy such as subsidies for critical goods, controlling natural monopolies, and restructuring the banking sector.

An analysis of the trends, causes, and implications of the Russian Financial Crisis of 1998 was conducted on February 18, 1999. The crisis was a result of fiscal imbalances, structural problems, and incomplete economic restructuring.

On March 25, 1999, the International Monetary Fund (IMF) approves a $1 billion increase in its emergency loan package for Indonesia. Additionally, a $460 million installment is released after Indonesia's progress in closing down insolvent banks.

Vladimir Putin's presidency brought about a period of relative political stability in Russia, which played a significant role in the country's economic progress following the crisis.

The 1998 Russian Financial Crisis had significant global repercussions, leading to the collapse of the LTCM hedge fund in the US and requiring a $3.6 billion bailout. It also caused spillover effects in international markets.