By late 1995, the Bosnian war was coming to a close. The presidents of Bosnia, Croatia, and Yugoslavia signed the Dayton peace accords in December and the United Nations lifted sanctions on Yugoslavia. Overnight, Albania lost its lucrative oil market to the north. Albania had always maintained that its fuel imports only met domestic need, but with the sanctions busting gone, oil imports dropped.
One month later, the pyramid schemes began to shake. Without a steady income from smuggling, the schemes were forced to recruit an ever-growing number of investors. To attract new principal, they raised their monthly rates, setting in motion a downward spiral that ended in their dramatic crash.
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