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There was economic turmoil in Thailand first and then it spread all over Asia: South Korea, Hong Kong, Singapore and Malaysia in 1996- 1997. "All these countries and more have seen their economies wrecked over the last couple of years. Now Russia has its currency heading for the basement and is basically defaulting on its national debt". It has scared foreign investors. “This cooled their enthusiasm for investment in riskier economies” (Russia today) and they start taking their money out of its stocks and converting their rubles into dollars. It will take a lot of time for them to gain confidence in Russian “emerging” market again¬¬...
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