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
Criticism of monarchy expel all royal officials. The twentieth century, beginning with the 1917 February Revolution in Russia and accelerated by two world wars, saw many European countries replace their monarchies by republics, while others replaced their absolute monarchy with constitutional monarchy. Reverse movements also occurred, with brief returns of the monarchy in France under the Bourbon Restoration, the July Monarchy, and the Second French Empire, or with the return of the monarchy—this time as a constitutional monarchy—in Spain after the dictatorship of Francisco Franco. In the twenty-first century, monarchies are present in the world in many forms with different degrees of royal