may 1, 1997 - The Asian financial crisis
Description:
The Asian financial crisis was a period of financial difficulty that gripped Asia in July 1997 and increased the fear of a global economic disaster due to financial contagion. Also known as the crisis of the International Monetary Fund, it began on July 2, 1997 with the devaluation of the Thai currency. Due to the domino effect, numerous devaluations followed in Malaysia, Indonesia and the Philippines, which also affected Taiwan, Hong Kong and South Korea. However, what appeared to be a regional crisis eventually became what was called the "first great crisis of globalization," [1] and there is great uncertainty about the true magnitude of the impact of its effects on the World economy. Only during the first weeks a million Thais and 21 million Indonesians went to swell the ranks of the officially poor.
Daniel was a year old and was learning to walk
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