1997-98: South East Asia and part of East Asia (in fact, only South Korea) suffered enduring years of financial crisis where banks collapsed and financial system breaks down. Interestingly, regimes also collapsing; Soeharto stepped down and Malaysia’s Deputy PM was fired (allegedly for moral misconduct and partly for his opposition to currency control imposed by the PM).
2008-09: US and most of Europe suffered from the largest financial crisis since Great Depression. Few big names in Wall Street and Lombard’s called bankruptcy; AIG, Lehman Brothers.
2011: Middle East. All politically driven; but since the region is home to 80% of oil reserve in the world, the impact is worldwide and economical.
Ready for more, world?***
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