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
Russian Revolution Russian Revolution The Russian Revolution was a pair of revolutions in Russia in 1917 which dismantled the Tsarist autocracy and led to the rise of the Soviet Union. The Russian Empire collapsed with the abdication of Emperor Nicholas II and the old regime was replaced by a provisional government during the first revolution of February 1917 (March in the Gregorian calendar; the older Julian calendar was in use in Russia at the time). Alongside it arose grassroots community assemblies (called 'Soviets') which contended for authority. In the second revolution that October, the Provisional Government was toppled and all power was