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
February Revolution February Revolution The February Revolution (), known in Soviet historiography as the February Bourgeois Democratic Revolution, was the first of two revolutions which took place in Russia in 1917. The main events of the revolution took place in and near Petrograd (present-day St. Petersburg), the then-capital of Russia, where long-standing discontent with the monarchy erupted into mass protests against food rationing on 23 February Old Style (8 March New Style). Revolutionary activity lasted about eight days, involving mass demonstrations and violent armed clashes with police and gendarmes, the last loyal forces of the Russian monarchy. On 27 February O.S. (12