Asian dominoes: Chronology of a crisis

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The Independent Online
First half 1997: Trading volume in emerging-market debt running at annual rate of $6.08bn, double 1995 volume.

2 July: Despite earlier promises to contrary, Thailand decouples currency from US dollar. Baht plunges.

20 July: International Monetary Fund makes $1bn emergency loan to Philippines.

24 July: Malaysian prime minister attacks George Soros

14 August: Indonesia abandons defense of rupiah.

28 August: Wave of selling hits Asian stocks. Manila down 9.3 per cent. Jakarta 4.5 per cent.

11 September: World Bank calls for reform of East Asian financial systems.

6 October: Yamaichi Securities reportedly asks shareholder Fuji bank for bailout. Fuji distances itself from Yamaichi.

8 October: Indonesia asks IMF for $10bn emergency aid.

23 October: Panic in Hong Kong. Hang Seng index falls 10.4 per cent.

27 October: US Shares plunge 7.2 per cent. New York Stock Exchange suspends trading.

28 October: Dow Jones average rebounds 4.7 per cent.

3 November: Sanyo Securities, mid-sized Japanese stockbroker, files for bankruptcy.

11 November: US Treasury Secretary Robert Rubin urges Tokyo to shore up Japanese bank system.

14 November: Yamaichi Securities denies financial difficulties.

16 November: Japan's 10th largest bank, Hokkaido Takushoku, closes because of bad loans.

20 November: Korea enters negotiations with IMF for $20bn emergency loan.

21 November: International financial firms refuse to extend further credit to Yamaichi. Japan's fourth largest securities house ceases trading in largest Japanese bankruptcy since war.

24 November: Korean stocks fall 7.2 per cent on fears of IMF reforms. Bank of Korea says Seoul may need $50bn from IMF, not $20 bn, biggest ever IMF bailout.

25 November: Tokyo City Bank, a second-tier regional Japanese bank, closes. Japan's stock market down 5.1 per cent.

26 November: News that Hyundai may delay pounds 3bn investment in Scotland.

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