The 1997 Asian financial crisis began in Thailand on 2 July 1997, when the government gave up its peg of the baht to the US dollar after running low on foreign reserves and facing heavy speculation. The crisis spread to Indonesia, South Korea, Malaysia, the Philippines and other economies, where currencies and stock markets plunged. Many companies had borrowed heavily in foreign currency, and short-term capital fled the region. The International Monetary Fund organized rescue packages with conditions of austerity and reform, which were widely criticized. The crisis caused deep recessions and unemployment, and led to the fall of Indonesia's president Suharto in 1998. It also affected Russia and Brazil, and left lasting changes in how Asian governments managed reserves.
Before and after
- 29 April 1997Founding of Organisation for the Prohibition of Chemical Weapons
- 11 May 1997Deep Blue defeats Garry Kasparov
- from 15 May 1997 to 9 June 2012Premiere of Bob the Builder
- 26 June 1997Publication of Harry Potter and the Philosopher's Stone
- from 2 July 1997 to 1 January 19991997 Asian financial crisis
- 4 July 1997Mars Pathfinder and the Sojourner rover
- 29 August 1997Founding of Netflix
- 31 August 1997Death of Diana, Princess of Wales
- 5 September 1997Death of Mother Teresa
More in Society, economy & sport
- 22 March 1945Founding of Arab League
- 27 December 1945Founding of World Bank
- 14 September 1960Founding of Organization of the Petroleum Exporting Countries
- 1994Rise of Taliban
- 1 January 1995Founding of World Trade Organization
- 11 September 2001September 11 attacks
The era
This moment belongs to the Contemporary world (1945 CE to today), the world since 1945. You can also browse everything in the 20th century.