Soviet economic collapse: 20 years on

­Viktor Gerashchenko – Head, USSR State Bank, 1989-1991

The collapse of the Soviet superpower pushed the whole world into a new era.
Many experts say the crash was inevitable, as the country faced a severe economic crisis in the late ‘80s.
But others think the situation was not as bleak as has been portrayed, and believe the downturn was  masterminded by the foes of the USSR.
What is the truth? Was the Soviet Union simply the victim of an economic downturn? And could it have been saved?
Let’s talk to the former USSR State Bank chairman and one of the most renowned bankers in Russia, Victor Geraschenko.