Meltdown 101

Agus Lolong / AFP / Getty Images

Bailed out: Suharto signed for emergency IMF relief in 1998

Ten years ago, much of Asia suffered an economic wipeout that makes today's crisis seem like a rounding error. In Indonesia, the currency lost over 80% of its value, long-serving dictator Suharto was driven from office and hundreds of ethnic Chinese were killed in a racist pogrom. Prices in Hong Kong slumped through five years of grinding deflation. The city's stock market dropped more than 50% while property prices fell out the window — down a staggering 70%. South Korea and Thailand suffered similar fates, with plunging currencies, collapsing companies and rising...

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