Moldova has been in the midst of political, economic, and financial turmoil since late 2014. On October 29, 2015, the government led by Mr. Strelet (already the third cabinet in 2015) was dismissed by a no confidence vote in Parliament. Political instability has been amplified by the revelation of a large-scale fraud in the financial sector. This resulted in a collapse of three large banks, with a cost to the budget of around 12 percent of GDP and a significant loss in reserves. The homegrown problems occurred at the time of difficult external environment, marked by a recession in Russia.