August 17th, 1998
The government announces a set of emergency measures in order to prevent a further escalation of the crisis:
• A significant devaluation of the ruble; the bounds of the corridor in which the ruble is allowed to fluctuate are widened from 5.27-7.13 to 6.00-9.50 ruble to the US Dollar;
• A default on short-term Treasury Bills known as GKOs, as well as longer-dated ruble denominated bonds named OFZs;
• A 90-day moratorium on payments by commercial banks to foreign creditors.