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Twenty years ago this week Russia devalued, defaulted and suffered a catastrophic bank run. The chaos opened the door for Vladimir Putin, who emerged from the financial bedlam to drag Russia back from the brink.
In mid-August 1998, people in Moscow could not understand how the small crisis in Thailand of 1997 could engulf a country such as Russia that did hardly any trade with faraway Thailand. How could these countries be related?
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