Two years have now passed since Thailand began to exhaust its foreign exchange reserves
in a futile defense of the baht, setting in motion a chain of events that developed into an Asian
financial crisis, and then later into a global financial crisis. During the past several months, a
modicum of calm has returned to the international financial markets, providing some hope that the
worst of the crisis is over. South Korea seems to be rebounding, with improvements in credit
ratings and some initial signs of a return of foreign capital. Thailand, too, despite enormous
remaining problems, appears to be recovering.
Two years have now passed since Thailand began to exhaust its foreign exchange reservesin a futile defense of the baht, setting in motion a chain of events that developed into an Asianfinancial crisis, and then later into a global financial crisis. During the past several months, amodicum of calm has returned to the international financial markets, providing some hope that theworst of the crisis is over. South Korea seems to be rebounding, with improvements in creditratings and some initial signs of a return of foreign capital. Thailand, too, despite enormousremaining problems, appears to be recovering.
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