Yeltsin is hospitalized outside of Moscow. Yeltsin fires three cabinet ministers for failing to reverse Russia's ills. Parliament rejects Yeltsin's choice for prime minister, Sergei Kiriyenko, on first vote. Yeltsin signs austerity package to stabilize budget and cut spending. Yeltsin and Kiriyenko present another anti-crisis plan to parliament.
Shares tumble on overall uncertainty.
The Duma passes only part of Yeltsin's anti-crisis plan, rejecting or weakening key tax and spending measures. Russia resists, and shares plunge to their lowest levels in more than two years. The Russian government gives in to months of pressure on the nation's currency and announces a devaluation of the ruble and suspension of the market in government bonds. The Russian ruble tumbles 10 percent against the dollar, the steepest one-day drop in four years. The State Duma rejects the nomination of Viktor Chernomyrdin as premier.