The US managed to avoid the first default in American history, but other countries have had their economies collapse. In the past the US has advised solutions for many other countries about their economic situation, but now other countries are wondering if the US should get a dose of its own medicine? In August 1998 Russia recorded its first year of positive economic growth since the fall of the Soviet Union; Russia was forced to default on its debt, devalue the ruble, and declare a suspension of payments by commercial banks. What can the US learn for the Russian economic financial crisis after so much had been accomplished and what can we learn?
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