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Devaluation can result from government action or an economic crisis. In August 1998, the Russian ...

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Devaluation can result from government action or an economic crisis. In August 1998, the Russian ...

Devaluation can result from government action or an economic crisis. In August 1998, the Russian economy imploded. As a result all of the following listed events happened except:
A) the ruble plunged in value.
B) the government defaulted on on its foreign debt obligation.
C) many Russians faced wage cuts and layoffs.
D) Russia's economy did not recover from the impact.
E) savings were wiped out as banks collapsed.

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Thanks for your help!!

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