mortgage crisis, savings increased but investment declined dramatically, moving this balance from deficit into surplus. Government sector financial balance:
wrote in June 2012: "In the wake of the real estate bubble and ensuing financialcrisis, the private sector has curtailed spending to reduce debt and rebuild
Chechnya,”
International Journal on World Peace 30, no. 2 (2013): 9.
32 Galeotti, Russia’s Wars in Chechnya 1994–2009, 84.
33 Schaefer, The Insurgency in