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"...too blunt as an instrument, as VChK officials concede, because the government could not simultaneously institute bankruptcy proceedings against 90% of the enterprises in the country. Instead, the VChK devised a complicated arrangement under which the tax debts of the delinquent enterprises would be restructured as bonds. If an enterprise defaulted on these, a controlling stake in its shares would be taken over by the government and auctioned off to the highest bidder. But one year after the plan was announced, only three large enterprises were restructuring their tax debts, and the government's attempt to seize the assets of two oil refineries only ignited..."



Michael Hunter - The Soviet Connection
Seryoga - The Invasion
Detsl - Pizness (Feat. MC Molodoy)