Few See Ruble Repeating the Magic of 1998
The Moscow Times
24 Febbraio 2009
For Ali Guseinov, the 1998 ruble devaluation was not only a disaster -- it was also an important turning point.
When the currency lost two-thirds of its value in less than a month and Guseinov's customers could not return their debts, the Azeri native lost almost everything he had invested in his wholesale shoe business.
"Of $300,000, I recovered about $30,000," he said. "It was a nightmare."
For Guseinov, however, the nightmare did not last long. As the country's economy surged back over the next few years, powered in part by the cheaper currency, old customers slowly began returning their debts, and many new ones appeared.
Now, 10 years later and in the midst of another economic collapse, Guseinov is one of many businesspeople in Russia hoping that history will repeat itself.
"It's gotten difficult again, but I have some money on the side to reinvest in my business once things pick up,…
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