AT the beginning of July 1997 there was a feeling of self-confidence: Indonesia’s fundamental economics were very strong. This was despite the fact that, at that time, the economic crisis had already claimed victims in Asia. The currency of Thailand was hit hard. In the beginning, US$1 was equivalent to 25 baht, but it then floated to 56 baht. The central bank of the Philippines did all it could to jack up the peso. Interest rates shot up from