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Essay text:
Due to East Asia's large
impact on the world economy, the panic in Thailand, Indonesia, Korea, and other Asian countries has prompted other countries to worry about the affect on their own economies and offer aid to the financially troubled nations (Sanger 1).
The East Asian crisis has affected almost all of the Asian ations, but the three hardest hit countries are Thailand, Indonesia, and South Korea. The panic began in Thailand in May of 1997 when speculators, worried about Thailand's slowing economy, excessive debt, and political instability devalued the baht as they fled for
market-driven currencies like the American dollar...
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