A Chronicle of the Asian Crisis
The following are links to major stories on Asian economic issues from The Washington Post. (Updated: Feb. 1999).
| General/Region |
South Korea |
| Indonesia | Hong Kong |
| Taiwan |
'Broken Lives' series |
IMF Concedes Errors in Asia But Denies Aggravating Crisis
Wednesday, January 20, 1999; Page F03
The International Monetary Fund acknowledged that it made some mistakes in its rescues of Thailand, South Korea and Indonesia in 1997 and 1998 notably in underestimating the severity of those countries' recessions.
Is the Worst Over in Asia?
Friday, October 23, 1998; Page F01
The global financial crisis, which a few weeks ago seemed spiraling out of control, has suddenly eased on a number of fronts -- raising the tantalizing prospect that its worst period may have passed.
Yen's Fall Causing Concern
Tuesday, August 4, 1998; Page E01
Seven weeks after the United States and Japan launched a surprise rescue of the yen, the Japanese currency yesterday fell close to its eight-year low, reflecting growing doubts among investors about Tokyo's ability to overcome its economic woes.
Rubin Prescribes Bitter Medicine for Asia
Thursday, July 2, 1998; Page E01
Treasury Secretary Robert E. Rubin boarded a plane for home after a whirlwind tour of Asian countries ravaged by financial crisis, at a time when the region's economic woes have been deepening rather than abating. At every stop, Rubin defended the international bailout packages for Asia that he played a key role in marshaling.
Fears About Asia Hit World Stocks
Tuesday, June 16, 1998; Page A01
Stock markets plummeted in the United States and around the world as Asia's economic troubles deepened, prompting urgent international calls for Japan to shore up its economy and stave off a possible global financial crisis.
IMF Official Says Asia Is on Road To Recovery From Crisis
Wednesday, June 3, 1998; Page C15
Troubled Asian economies are making progress in their rehabilitation efforts, Stanley Fischer, the number two official at the International Monetary Fund, told an international economics symposium here today.
Two Crises Shake Foreign Stock Markets
Thursday, May 28, 1998; Page A01
A fresh wave of selling swamped overseas financial markets, as investors worried that the Asian economic crisis is worsening anew and that Russia is nearing the brink of default on its foreign debts.
In Asia, the Passing of Protectionism
Sunday, May 24, 1998; Page H01
The Asian financial crisis is producing global capitalism's version of a fire sale, with U.S. and European investors rushing to acquire Asian companies at bargain prices. And to the surprise of many observers, many Asian owners are willing to sell.
Asian Recovery Hits a Wall
Wednesday, May 13, 1998; Page C09
Asia's financial markets, which appeared to be recovering smartly earlier this year from their devastating collapse in late 1997, have weakened anew in recent days as bankruptcies, joblessness and political unrest have spread throughout the crisis-stricken region.
IMF Looks to Be More Assertive in Handling Crisis
Saturday, April 18, 1998; Page D01
Nine months after a plunge in the Thai baht sparked a massive flight of capital from the world's most dynamic region, policymakers at the IMF and the world's richest countries are still wincing about how the system kept them from handling the crisis more effectively. Now, the IMF is bent on becoming a more assertive institution.
Asia Looks for Cash for Its Ailing Banks
Monday, March 30, 1998; Page A21
The causes and cures of the Asian economic meltdown vary from country to country. But most crisis-hit governments, along with their foreign backers and financial analysts, are now wrestling with a common question that holds the key to the region's recovery: how to inject more capital into cash-strapped banks.
At IMF, a Struggle Shrouded in Secrecy
Monday, March 30, 1998; Page A01
Protecting global economic order can be a chaotic business. But such is life these days for the international economy's shock troops the 1,000 economists from six continents, boasting PhDs from prestigious universities, who from IMF headquarters in downtown Washington exercise extraordinary influence over the affairs of countries thousands of miles away.
Is the Worst Still Ahead for Asia?
Sunday, March 15, 1998; Page A22
The region's currencies have largely stabilized. Stock markets have ended their downward slide for now and economies are opening up. But after eight months of turmoil, economists and regional analysts say the pain may only be beginning.
In Asia's Financial Crisis, the Survival of the Fittest
Monday, March 2, 1998; Page A01
The Asian financial earthquake has altered the economic landscape, and while for the most part it has brought hardship and even catastrophe, it also has left standing some winners in an intensified international competition for money and markets.
'97 Trade Gap $114 Billion; Asia May Make '98 Figure Higher
Friday, February 20, 1998; Page G01
The Commerce Department yesterday tallied the 1997 U.S. trade deficit at $113.75 billion, the highest in nearly a decade -- and if that sounds big, just wait until the Asian financial crisis starts to wreak its effects on this year's trade flows.
What's the Answer on Rescuing Asia?
Wednesday, January 28, 1998; Page C09
To its critics, the IMF has routinely missed the signs of brewing trouble in developing economies. To its defenders, the IMF is the only institution that can rein in the excesses of financial markets and keep the global economy from falling into a dangerous depression. This Q&A is a layman's guide for sorting through these arguments.
Understanding the Asian Economic Crisis
Sunday, January 18, 1998; Page A32
The basic story of the Asian bubble economics varied only slightly from country to country: Foreign investment -- lured by high returns, stable government and currencies pegged tightly to the dollar -- began pouring in during the early '80s. The foreign money financed everything from factories to airports. Success begat success -- and then overbuilding, overlending, overconsumption.
Japanese Shaken by Business U.S.-Style
Tuesday, February 9, 1999; Page E01
The defining theme of the Japanese economic system -- protecting jobs -- is being undercut by global economic forces. Overnight, Japanese employees have been catapulted from a secure world of lifetime jobs and guaranteed raises to an uncertain world of mega-bonuses, faster advancements and abrupt firings.
Economic Problems Worsen For Japan
Saturday, December 26, 1998; Page D09
Japan's troubled economy continued its downward spiral last month, with no indication of a rebound in sight, according to government figures for November.
Rates Fall Below Zero In Japan
Saturday, November 7 1998; Page H01
In the wackiest manifestation to date of Japan's economic woes, the country's super-low interest rates have fallen below zero on certain types of borrowing. The yield on some six-month Japanese government treasury bills fell for a while Thursday to minus 0.005 percent, according to bond traders and news reports from Tokyo.
Japanese Firm Files Record Bankruptcy
Monday, September 28, 1998; Page A1
A major Japanese leasing company filed for bankruptcy protection, an action that signaled the willingness of Japan's ruling Liberal Democratic Party to allow politically connected firms to collapse in an effort to stabilize the nation's financial system.
New Japanese Premier Says Fixing Economy Is Top Priority
Saturday, August 1, 1998; Page A21
In his first news conference as prime minister, Keizo Obuchi today repeatedly promised swift action on Japan's financial problems even as he was handed news that the unemployment rate had hit a new high.
Japanese Public Fears a Painful Remedy for Banking Ills
Thursday, June 25, 1998; Page C01
Japanese leaders are reluctant to let another large bank fail, without measures to help maintain loans to customers that might be left in the lurch. Some legislators fear that, without such measures, widespread bank failures could result.
Yen Sinks Depsite Japan's Promises
Wednesday, June 24, 1998; Page C09
Brushing aside official assurances that Japan is moving quickly to repair its banking system, global investors yesterday renewed their assault on the beleaguered Japanese yen. In late New York trading, skeptical traders dragged the Japanese currency to 139.26 yen against the dollar.
G-7 Nations Push Japan to Revive Economy
Sunday, June 21, 1998; Page A19
Financial officials from around the world stepped up the pressure on Japan to revive its ailing economy, saying swift action is "of vital importance . . . to the entire world economy."
Are Cards Stacked Against Japan's Banks?
Thursday, June 18, 1998; Page E01
Japanese leaders promisedto fix their ailing banking system, but they stopped short of saying they would undertake the drastic measures urged by many international financial experts. Analysts warn that the Japanese will have hard time undertaking the measures given the country's structural, legal and cultural obstacles to change.
U.S., Japan Move to Boost Yen
Thursday, June 18, 1998; Page A01
The Clinton administration joined Japan in a dramatic rescue operation for the yen, abandoning a long-standing U.S. policy of noninterference in foreign exchange markets because of fears that the recent plunge in the Japanese currency threatens global economic stability.
Officials Confirm Japan is in Recession
Saturday, June 13, 1998; Page A01
Japan's economy is shrinking, authorities here said, officially confirming a recession in the world's second-largest economy. The news shakes global hopes that Japan, Asia's one-time economic engine, soon will regain its steam after seven years of stagnation and pull other nations in the region out of their financial turmoil.
Falling Yen Spurs New Asia Fears
Tuesday, June 9, 1998; Page F01
Japan's yen tumbled to a seven-year low, bringing other Asian currencies down with it, amid worsening gloom about Japan's financial system and the regional economy as a whole. Japan's central bank failed to intervene to stop the dollar from crashing through the psychologically significant level of 140 yen.
Japan Inc. Relies On Sleight of Hand
Monday, May 4, 1998; Page A01
Banks, developers and other companies in Japan use an array of practices to hide the true level of their financial distress. By keeping open companies that in the United States would be quickly declared insolvent and closed, the system in Japan has kept a lid on unemployment, but also has hindered the nation's economic revival by channeling scarce money into enterprises that don't produce real wealth.
Unemployment Rise Adds to Japan's Woes
Wednesday, April 29, 1998; Page A28
The Japanese government said that unemployment reached a record high of 3.9 percent in March, raising fears that, even after announcing its largest-ever fiscal stimulus package last week, Japan may be headed for more severe economic pain.
Japanese Tighten Belts
Sunday, April 12, 1998; Page A01
The heart of why the Japanese economy is expected to shrink for the first time in a quarter-century is simple: People are spending less. The collective power of 126 million of the world's richest consumers buying less has left a backlog of inventories, salary cuts for employees of sagging businesses, a drop in manufacturing output, and even bankruptcies.
For Japan Inc. and Its Regulators, the Dinner Date's Off
Saturday, April 11, 1998; Page A01
In the old days business was conducted with kimono-clad waitresses serving sake and dinner delicacies. Deals were made between regulators and businessmen and critical information was shared. But today, prosecutors and other officials have begun treating certain kinds of entertainment as improper, even a criminal bribe for special treatment.
Japan Pressed to Lift Weakening Economy
Saturday, April 4, 1998; Page A01
Japan came under intensified pressure to rescue its faltering economy as the country's gold-plated credit rating was called into question. Tokyo stocks fell anew and President Clinton warned that Japanese officials "have to make a break" with their past policies.
Japan Sets Off Its 'Big Bang'
Wednesday, April 1, 1998; Page C11
April 1 was the official start of "Big Bang," Japan's program to deregulate its strictly controlled financial markets by 2001. The aim is to open up the country to global capital, drawing in foreign banks and securities firms to transform Tokyo into a vibrant financial center to rival New York and London.
Japan Approves Bank Rescue Plan
Tuesday, February 17, 1998; Page D01
Japan's parliament enacted a $238 billion bank stabilization bill, a key element of the government's effort to revive its teetering economy, but a widening banking scandal here has raised concerns that the plan could be derailed.
Japan's Lawmakers Get Stabilization, Tax Cut Proposals
Tuesday, January 13, 1998; Page D01
Japanese Prime Minister Ryutaro Hashimoto presented to the legislature a $227 billion financial stabilization plan and $15 billion income tax cut that authorities here hope will be a first step in calming panicky investors and reviving Japan's domestic economy.
Japan Does Little to Shake Off 7-Year Economic Slump
Monday, January 5, 1998; Page A01
Japan's economy is barely growing, its stock and real estate markets are in the cellar and its banks are buried in bad loans. Consumer confidence is faltering, corporate bankruptcies are at record levels and the jobless rate is creeping to a post-World War II high. All of this has a creepy similarity to 1990, when Japan went into recession.
Japanese Premier Announces Tax Cut
Wednesday, December 17, 1997; Page A01
Japanese Prime Minister Ryutaro Hashimoto announced a surprise, $15.7 billion tax cut to jump-start the nation's stalled economy, sending the Tokyo stock market and the yen soaring as investors applauded the government's new-found willingness to break with conservative fiscal policies and help lift the battered economies of the entire Asian region.
Opinion: What happened to the Japanese Economic Model?
Sunday, December 14, 1997; Page C01
It was in 1964 that the Japanese miracle was first proclaimed. In the next three decades, this phenomenon spread through much of Asia as the smaller economies there, imitating and adapting Japan's methods, created the world's most economically dynamic region. It was an unprecedented achievement, but the force always had a dark side. With much of Asia now on life support, it is time to recognize that the Asian brand of capitalism is dangerous to the world economy's health and that it must be abandoned, particularly by Japan.
Yamaichi Securities Decides to Shut Down
Monday, November 24, 1997; Page A19
Japan braced for fallout from the country's largest corporate collapse in its history as Yamaichi Securities Co., Japan's oldest and fourth-largest brokerage, announced it would shut its doors.
In Japan, the Glass Looks Half-Empty
Friday, October 3, 1997; Page G03
Washington wants Japan's economy to warm up, fueled by domestic demand that would draw in a wave of imports and reduce the country's trade surplus. But so far, Japan seems able to stroke its economy only through exports and business confidence is falling sharply.
Big Korean Firms Set for Fight
Wednesday, June 10, 1998; Page C13
South Korea's powerful industrial conglomerates, which have controlled much of the country's wealth for decades, are headed for a showdown with President Kim Dae Jung, who has targeted their money-losing operations for extinction.
S. Koreans' Job Loyalty Turns to Despair
Saturday, May 16, 1998; Page A17
South Koreans have watched nervously as student street protests have turned bloody in Indonesia, which suffered a similar economic implosion. In South Korea, far more industrialized and democratic, the threat of violent street protests is coming from the nation's militant labor unions.
S. Korean Workers Pay the Price for Nation's Bailout
Tuesday, May 5, 1998; Page A01
Five months after South Korea nearly went bankrupt, the country is in the midst of a historic social upheaval. A $58 billion rescue program by the International Monetary Fund has stabilized the country's financial markets, at least for now. But the costs of the bailout in the form of layoffs, pay cuts and a drop in the standard of living for millions of South Koreans are only beginning to be felt.
Seoul, Creditors Agree on Debt Pact
Thursday, January 29, 1998; Page E03
South Korea and its international creditors agreed late yesterday on a refinancing plan that will give the cash-strapped Asian nation a three-year reprieve to pay off $24 billion in debts to foreign banks.
'Odd Couple' Agree on How to Fix the Economy for Now
Thursday, December 25, 1997; Page A33
Two men hold keys to the future of the economy of South Korea one a union boss who once backed a nationwide strike over job protection laws, the other a maverick governor who has espoused the virtues of free markets and foreign investment. Right now, Gov. You Jong Kuen and Park In Sang agree on how to fix the economy, but future hardships could well split that consensus in the months ahead.
World Bank Approves $3 Billion Loan to S. Korea
Wednesday, December 24, 1997; Page A01
The World Bank approved an emergency $3 billion loan to South Korea, which is scrambling to stave off the disastrous prospect of a default on its debts to foreigners. The loan was larger than any the World Bank has previously made.
South Korea Takes Three More Punches
Tuesday, December 23, 1997; Page C01
South Korea's woes continued as the country's currency tumbled 10.6 percent, domestic interest rates on three-year corporate bonds hit 30.1 percent, and the two major U.S. ratings companies, Moody's Investors Service Inc. and Standard & Poor's Corp., downgraded the credit rating on the country's debt to "junk bond" status.
Seoul Asks U.S. for More Aid
Thursday, December 11, 1997; Page A01
South Korea has made an urgent appeal for additional financial assistance from the United States and Japan and delivered it with an implicit threat: Let the Korean economy slide into default, and the rest of the world economy will suffer, too.
South Korea Accepts $55 Billion Bailout
Thursday, December 4, 1997; Page A01
South Korea agreed to the terms of a record $55 billion
international bailout, subjecting its once-thriving economy to the tough dictates of the International Monetary Fund.
Thai Economy Shows Signs of Rebounding
Saturday, November 28 1998; Page C01
Sixteen tumultuous months after Thailand devalued its currency, igniting the Asian economic crisis that eventually swept through global markets, many of Thailand's vital signs are beginning to show improvement. The currency has strengthened. Interest rates have fallen. Some Thai exports are flourishing. Tourism is booming.
As the Currency Turns, Thai Firms Struggle to Cope
Wednesday, February 4, 1998; Page C11
In recent days the baht has recovered dramatically. But no one knows if this is end of a wild ride or simply a pause on an economic roller coaster that has made business planning all but impossible. From the largest Thai conglomerates to tiny, family-run businesses, Thai executives say the financial turmoil has left them struggling to stay afloat.
Thais' Reluctance to Act Added to Currency Crisis
Saturday, August 2, 1997; Page F01
IMF officials say they quietly began warning the Thais last year that the economy, for all its many strengths, was sailing into trouble. The Thai authorities temporized when the IMF privately exhorted them to take actions aimed at boosting exports and curbing imports, such as letting the baht drift downward. Instead, the government used government holdings of dollars in a vain attempt to prop up the baht against speculators.
Indonesian Collapse Less Severe Than Feared
Monday, January 25, 1999; Page A18
The effect of Indonesia's 14-month-long economic crisis has been less severe and less widespread than initially feared, according to a report issued by the World Bank.
Indonesia Raises Concern by Targeting Cronyism
Friday, November 27 1998; Page F01
Struggling to recover from the devastation caused by the Asian financial crisis, Indonesia's government is moving to rid the economy of the "crony capitalism" that flourished here for decades with a vengeance that some economists find worrisome.
Suharto Steps Down, Names Successor
Thursday, May 21, 1998; Page A01
Indonesia's beleaguered President Suharto stepped down from the post he has held for 32 years, defeated by mounting popular unrest and a collapsed economy he was unable to revive. His handpicked vice president, B.J. Habibie, was immediately sworn in as head of the world's fourth most populous nation.
Firms Take Temporary Leave of Indonesia
Saturday, May 16, 1998; Page C01
U.S. and other foreign companies flew employees en masse out of a chaotic Indonesia, with plans to go back when the looting and rioting dies down. But the business environment they will find on that return may well have changed forever.
Indonesia Meets First IMF Deadline
Thursday, April 23, 1998; Page A33
The government of President Suharto, eager to dispel perceptions that it is dragging its feet on economic reform, said today that it has met the first deadline for revamping the nation's economic system under the terms of its latest bailout agreement with the International Monetary Fund.
A Sputtering Indonesian Market
Monday, April 13, 1998; Page A20
Before the current financial crisis erupted here last year, erasing more than 70 percent of the value of the local currency, Indonesia was gaining importance as a trade partner and buyer for American products. But the country's dramatic financial collapse has forced U.S. companies to reassess that view and, in some cases, delay plans for expansion.
Indonesia's Currency Tumble Is a Bargain-Hunter's Boon
Monday, March 30, 1998; Page A21
Indonesia's currency, the rupiah, has lost three-quarters of its value since last fall. Companies are technically bankrupt. Layoffs loom, and the country is battling an economic and political crisis. What does it all mean? Cheap shopping, at least for the large foreign community, and for business travelers, tourists and journalists.
Suharto's Ace: He's Still the Only Game in Town
Monday, February 23, 1998; Page A01
The world's fourth-most populous country, is sliding steadily toward economic and social chaos. Unemployment is mounting. Factories no longer function. People don't even bother paying their electricity bills. The fate of 200 million people -- as well as many of Asia's key financial markets -- depends solely on the whims and reactions of one man: President Suharto.
Suharto Fires Central Bank Governor
Wednesday, February 18, 1998; Page A12
President Suharto fired the independent-minded governor of Indonesia's central bank, exposing deep fissures within the country's ruling circle over economic policy and raising new questions about the future of a $43 billion International Monetary Fund bailout plan.
IMF Effort Not Working, Suharto Tells Clinton
Tuesday, February 17, 1998; Page D01
In an ominous sign for the international rescue of Asia's ailing economies, Indonesia's President Suharto told President Clinton in a weekend phone call that the International Monetary Fund is failing to stem his country's financial crisis -- and that the rescue's failure explains why he is planning a drastic change in Indonesia's monetary system.
Currency Dispute Threatens Indonesia Bailout
Saturday, February 14, 1998; Page A01
The head of the International Monetary Fund wrote a private letter to Indonesia's President Suharto threatening to cut off bailout money because of a dispute over economic policy, raising the prospect that the international effort to stem Asia's financial crisis could come unglued.
Suharto & Sons
Sunday, January 25, 1998; Page C01
Since seizing power in the mid-1960s, Indonesian President Suharto has translated his absolute political power into a massive family fortune. The Suharto family is worth an estimated $16 billion according to Forbes magazine, and $35 billion according to one estimate attributed to the CIA.
Hong Kong's Stifiling Paradox
Friday, April 9, 1999; Page E01
Hong Kong's real estate prices are among the best indicators of the economy's health. To keep the economy healthy, there has to be a sound property market. But if property costs rise, prices for a whole range of goods and services will soar. It is a situation that could put Hong Kong on a road to Japanese-style stagnation.
Hong Kong Said to Be Headed for Recession
Tuesday, June 23, 1998; Page C01
Conceding that the Asian economic crisis has had a more severe impact here than first expected, Hong Kong's leaders said the territory was heading into a recession, and they unveiled a stimulus package aimed at reviving the economy and stemming a huge downward slide in property prices.
Hong Kong Braces for Second Wave of Woes
Monday, January 26, 1998; Page A20
After nearly two decades of rising education and affluence a period that saw the territory going overseas to find foreign workers willing to take low-end service jobs Hong Kong residents now face what for many of them is a new phenomenon: unemployment.
Hong Kong Investment Firm Folds
Tuesday, January 13, 1998; Page A12
Peregrine Investments Holdings Ltd., Asia's premier home-grown investment bank, announced today that it is filing for liquidation, marking another casualty of Southeast Asia's economic crisis and prompting a new plunge by Hong Kong's battered stock market.
Chinese Crime Rate Soars As Economic Problems Grow
Thursday, January 21, 1999; Page A19
As economic conditions begin to worsen, China's Communist leadership faces a growing problem of internal security, manifested in a soaring crime rate and signals of a broader restiveness around the country.
China Set to Tackle Economic Woes
Saturday, January 16, 1999; Page A21
Aiming to avoid the pitfalls of the Asian financial crisis and sidestep the troubles threatening Brazil, China has readied a plan to deal with the massive bad debt amassed by its four biggest banks.
Chinese Say Bank Insolvent
Tuesday, January 12, 1999; Page A14
Despite warnings from some of the world's biggest banks that China's financial system could lose access to international credit markets, one of China's most prominent government-backed financial institutions, the Guangdong International Trust and Investment Corp., has announced it will file for bankruptcy.
Workers, Reforms Suffer 'China's Slump'
Tuesday, August 11, 1998; Page A14
China finally is starting to feel the bite of the Asian economic crisis that has ripped through the Indonesian, South Korean, Thai and Japanese economies since last year, and it is starting to rein in some of its ambitious reforms as a result.
Analysts Seek New Deal, China-Style
Saturday, April 25, 1998; Page A14
China's slowest economic growth rate in six years is providing new fodder for economic analysts who want Beijing to come up with its own New Deal to spur the economy and protect the disadvantaged.
Zhu Vows to Boost China's Economy
Friday, March 20, 1998; Page A27
China's new premier, Zhu Rongji, pledged to fend off the Asian financial virus and keep economic growth at 8 percent, while asserting his support for the handling of the 1989 Tiananmen Square protests.
China Announces Large Bond Issue to Bail Out Banks
Sunday, March 1, 1998; Page A21
China unveiled plans today to float a $32.5 billion domestic bond issue in an effort to recapitalize its ailing banks and avert the type of financial crisis that has stricken most other Asian countries.
China's Economic Ills May Imperil Region
Wednesday, February 11, 1998; Page A26
By vowing to defend its currency and prop up its economy with public spending projects, China has been playing up its role as the responsible neighbor amid Asia's financial tumult. But even with Beijing's helpful commitments, China remains more a looming threat to the region's economies than their savior, many analysts say.
As Asia Collapses, Taiwan Goes on a Shopping Spree
Thursday, January 22, 1998; Page A23
Southeast Asia's currencies have collapsed and stock prices have plummeted. Businesses are filing for bankruptcy, banks are going belly up. And in the midst of the regionwide turmoil, Taiwan is on a shopping spree.
Philippines Thriving Amid Asian Economic Wreckage
Sunday, February 22, 1998; Page A26
The Philippines -- for years derided as the region's economic laggard that missed out on the miracle growth of the 1980s -- so far has managed to avoid the worst of the Asian economic meltdown of the '90s.
Malaysian Premier Fires Deputy Who Pressed Free-Market Plan
Thursday, September 3, 1998; Page A39
Malaysian Prime Minister Mahathir Mohamad fired his deputy and heir-apparent, Anwar Ibrahim, one day after imposing strict new currency controls and other measures that contradict Anwar's traditional free-market remedies for the country's ailing economy.
Malaysian Stocks Plunge as Rescue Plan Unveiled
Friday, September 5, 1997; Page G01
Southeast Asia's financial crisis deepened yesterday as investors reacted with shock to an extraordinary plan by Malaysian Prime Minister Mahathir Mohamad, who vowed to combat "racist" foreign speculators with a $20 billion public fund to prop up the nation's sagging stock market.
Trader Denies Mathahir Allegations
Wednesday, July 30, 1997; Page D09
George Soros, the billionaire American trader whom Southeast Asian politicians have accused of roiling their financial markets, made a rare public statement about his trading activities, denying he has sold the region's currencies recently. The statement came in response to recent heated denunciations of Soros by Malaysian Prime Minister Mahathir Mohamad, who accuses him and other westerners of fomenting the currency crisis.
India Avoids Economic Turmoil of Its Neighbors
Sunday, December 14, 1997; Page A30
While the nimble tiger nations of Southeast Asia lick their wounds from a regional financial crisis, India's economy has lumbered along like an elephant, its plodding pace hardly affected by the turmoil.
'Broken Lives' Series
Part VIII: Asia's Crises Teach Graduates New Lessons
Wednesday, December 30, 1998; Page A1
College students from Jakarta to Tokyo are entering the meanest job market
on record as Asia's worst economic year in modern history draws to a close. Tens of millions of once-comfortable lives are heavy with hardship.
Part VII: Economic Crisis Steals
Friday, December 25, 1998; Page A01
In the month since The Washington Post chronicled the plight of the Kims in South Korea, things have only gotten tougher for the family members.
Part VI: Ethnic Chinese: Indonesia's Scapegoats
In this year of shattered lives and economic upheaval in Asia, Indonesia's Chinese have suffered a singular tragedy. As Indonesia's economy has collapsed, the shopkeepers and small traders that make up the heart of the Chinese community have seen their businesses crushed by economic pressures. But even worse, thousands
have seen their stores and homes looted and burned by Indonesian rioters.
Part V: S. Korea's Middle Class Hides Its Despair
Sunday, November 22, 1998; Page A1
Kim Myung Yun lost his $40,000-a-year sales manager job in South Korea's economic downturn. Now, with Kim selling baseball caps on a crowded Seoul street, the family is having to get by on less.
Part IV: In Japan, Three Friends Commit Suicide
Wednesday, October 7, 1998; Page A1
Last Feb. 25, three middle-aged men, whose once thriving auto-parts businesses were facing bankruptcy, hanged themselves together in a cheap hotel in suburban Tokyo.
Part III: The Path From Boom to Bust Leads Home
Tuesday, September 8, 1998; Page A1
Asia's economic crisis that began last year has sent unemployment soaring. Factories have closed, new construction has stopped, and even businesses that are staying open are laying off workers. The vast majority of the newly unemployed are migrant workers from rural areas, the manpower and the backbone of the decade-long Asian economic boom.
Part II: A Generation Lost to Destitution
Monday, September 7, 1998; Page A1
Misery is a difficult thing to measure, but Asia's economic crisis has been cruelest to children. Visits to dumps and slums, villages and cities, homes and workplaces across the region in the past six months paint a bleak portrait of the impact of Asia's economic crisis on its youth, and therefore, on its future.
Part I: South Korea's Middle Class Plunging Into Poverty
Sunday, September 6, 1998; Page A1
Nearly 100 times a day somewhere in South Korea, someone's dream a tennis shoe factory, a corner grocery story, a giant automaker, a promising fashion house, even a hospital is crushed under the weight of the economic collapse.
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