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The 1997 Asian financial crisis was a period of financial crisis that gripped much of East and Southeast Asia during the late 1990s. The crisis began in Thailand in July 1997 before spreading to several other countries with a ripple effect, raising fears of a worldwide economic meltdown due to financial contagion. [1]
In 1997, Soros was blamed for forcing sharp devaluations in Southeast Asian currencies. [3] On February 14, 1994, the funds had a major loss of $600 million in one day betting against the Japanese yen. [1] The fund lost US$2 billion in investments in Russia during the 1998 Russian financial crisis. [4]
The Asian financial crisis began to affect Indonesia by mid-1997. On 14 August, Bank Indonesia followed Thailand and Malaysia and moved to float the Indonesian rupiah. [3] Under Djiwandono, the bank's "market-oriented response" to the crisis was praised by investors. However, it was also criticized for allowing Indonesia's banking system to ...
Factor 2: Transmitting the effect of the Southeast Asian monetary crisis. Given the fundamental factors behind the Southeast Asian currency crisis, which erupted in Thailand in May 1997 and had spread to Indonesia, the Philippines, and Malaysia since July, it was also a widening deficit in the current account and slowing economic growth. [12]
George Soros [a] (born György Schwartz; August 12, 1930) [1] [2] is an American [b] investor and philanthropist. [7] [8] As of October 2023, he had a net worth of US$6.7 billion, [9] [10] having donated more than $32 billion to the Open Society Foundations, [11] of which $15 billion has already been distributed, representing 64% of his original fortune.
The Facebook post also included the New York Post article’s first sentence: "George Soros and his hard-left acolytes are paying agitators who are fueling the explosion of radical anti-Israel ...
The 1997-98 Asian financial crisis resulted in the collapse of 64 Indonesian banks. [2] Numerous problematic banks were taken over by the government, which restructured and merged some of them. Prior to the crisis, Bank Bali was Indonesia's fourth-largest privately owned bank and was considered well managed. [3]
In an op-ed for The Wall Street Journal, George Soros explained his support for “reform-minded prosecutors,” arguing for greater investments in mental health professionals to address “crisis ...