Asian Financial Crisis
About Asian Financial Crisis
A financial crisis that started in Thailand and spread across East Asia. On July 2, 1997, Thailand was forced to abandon its currency peg, causing the baht to collapse. The crisis spread to Indonesia, South Korea, Malaysia, and the Philippines. Currencies, stock markets, and real estate prices plunged. The IMF provided 110 billion in bailouts with harsh conditions. Indonesias Suharto fell from power. The crisis exposed weaknesses in Asian financial systems, including crony capitalism and short term foreign debt. Recovery was remarkably fast in South Korea and Thailand, slower in Indonesia.
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