Bubble in Austerity Shows Europe Is Ignoring 1997
This article is for subscribers only.
May 25 (Bloomberg) -- As Greece burns, European officialsfiddle and Asia braces for another global crisis, my thoughtsare on Thailand.
This summer marks the 15th anniversary of the bahtdevaluation that ignited one of history’s worst meltdowns.Thailand’s plunge ricocheted from Indonesia to South Korea toMalaysia before heading west. The pain went global with the DowJones Industrial Average plunging more than 500 points in asingle trading day, hedge funds blowing up and giant bailoutsbecoming a norm.