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Asian Financial Crisis


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Quotes of the day:

First responders did not find any drug paraphernalia or illegal drugs at the residence, the cause of death into Jackson Odell is pending an autopsy and toxicology report.

— Assistant Chief Coroner Ed Winter

The Asian financial crisis, also called the Asian Contagion, was a sequence of currency devaluations and other events that began in the summer of 1997 and spread through many Asian markets. The currency markets first failed in Thailand as the result of the government’s decision to no longer peg the local currency to the U.S. dollar (USD). Currency declines spread rapidly throughout East Asia, in turn causing stock market declines, reduced import revenues, and government upheaval.


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