This would sound less disingenuous if it was not coming from the same voices who were so astounded by the Russian default of August 1998 – astounded not by the patently parlous creditworthiness of the country they had lent to, but by the absence of any official rescue package to save them from default.
Controls on capital flows Two important lessons from the crisis are: •  That short-term flows were particularly vulnerable to reversals;  •  That the transition from financial regulation to deregulation is a particularly vulnerable time.