Among the worst affected was Argentina; the Russian crisis exacerbated a decline in investors’ confidence in emerging markets that culminated in Argentina’s sovereign default less than four years later. Even the US and Europe were not immune, with the collapse of the major hedge fund Long-Term Capital Management (LTCM) fueling anxiety about the viability of many other financial institutions.
尽管俄罗斯在金融上相对不重要，但其危机仍造成了深远后果。受影响最大的是阿根廷；俄罗斯危机加剧了投资者对新兴市场信心的下滑，不出四年，阿根廷就爆发了主权违约。甚至美国和欧洲也未能幸免，大对冲基金长期资本管理公司（LTCM）的倒闭让人们十分担心其他许多金融机构的安全。