Repudiation of debt at the Russian Revolution II, the last Emperor of Russia, was forced to sign his abdication and the end of the Russian Imperial Government and of the Romanov dynasty. The new government decided to continue the war, which meant more military spending. To increase budget revenues, a state monopoly was introduced on the sales of sugar, tea, matches, tobacco, and other consumer products. Still, the printing press remained the main source of revenues. This was a period of hyperinflation. The Provisional government was overthrown on October 24, 1917, and the Soviet government was created. The amounts of payments in default were enormous. Russian debt
Revolutions of 1917–1923 Revolutions of 1917–1923 The Revolutions of 1917–1923 were a period of political unrest and revolts around the world inspired by the success of the Russian Revolution and the disorder created by the aftermath of World War I. The uprisings were mainly socialist or anti-colonial in nature and were mostly short-lived, failing to have a long-term impact. Out of all the revolutionary activity of the era, the revolutionary wave of 1917–1923 mainly refers to the unrest caused by World War I in Europe. In war-torn Imperial Russia, the liberal February Revolution toppled the monarchy. It was unstable and the Bolsheviks seized