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 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.
Answer: Russia's economy did not recover from the impact
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GLOBAL MARKETING
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