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
The ABC of Communism is traditionally dated to 25 October 1917 Julian calendar (7 November 1917 Gregorian calendar). It was the second phase of the overall Russian Revolution of 1917, after the February Revolution of the same year. The October Revolution overthrew the Russian Provisional Government and gave the power to the Soviets dominated by Bolsheviks. It was followed by the Russian Civil War (1917–1922) and the creation of the Soviet Union in 1922. The revolution was led by the Bolsheviks. Bolshevik armed forces began the takeover of government buildings on 24 October; however 25 October JC was the date when the Winter Palace