1.   Before he left for Moscow, Odling-Smee, the expert at the monetary fund insisted that there was no need to devalue the ruble.

2.   Both markets were rattled by growing fears that Russia would be forced to devalue the ruble, adding to the pressure on other emerging market currencies.

3.   But almost as swiftly as they had risen, stocks began tumbling a month later when Russia abruptly devalued the ruble and defaulted on part of its foreign debt.

4.   But the risk is that the cost of the dollar borrowing will soar if the government is eventually forced to devalue the ruble.

5.   Even as the government was rolling out its program, Russian stocks and bonds slid amid concern that the Bank of Russia was poised to devalue the ruble.

6.   In Russia, the Yeltsin administration devalued the ruble after the government defaulted on debt obligations, and investors lost confidence that the government could correct the problems.

7.   Meanwhile, the Russian markets have continued to plunge and the fear that Russia would devalue the ruble is as strong as ever.

8.   Recent nervousness in global markets stemming from fears that the ruble might be devalued is something new.

9.   Shortly after Russia devalued the ruble, for example, Canada and Mexico raised rates to defend their currencies.

10.   Ten minutes later, the government devalued the ruble.