July 1997: The Thai currency comes under attack from speculators, its dollar peg crumbles, followed by Malaysian ringgit, Indonesian rupiah, and South Korean won.

August 1997: Malaysian prime minister, Mr Mahathir bin Mohamad, accuses international financier, Mr George Soros, of stealing the country's money after the ringgitt hits a new low against the dollar.

November 1997: South Korea appeals to IMF for rescue package, but rescue comes a little late. Yamaichi Securities, the fourth-largest brokerage in Japan, collapses on November 24th. Wall Street suffers biggest one-day fall since 1989 crash.

December 1997: China refuses to devalue yuan, despite intense pressure. Fears intensify about a South Korean debt default.

January 1998: Indonesian currency and stock market go into freefall on doubts about President's Suharto's future.

Hong Kong institution, Peregrine Investments, laid low by Asian crisis and bad debts in Indonesia.

February 1998: IMF threatens to withdraw Indonesian funding as Suharto opts for currency board.

Russian budget is rejected by the Duma.

April 1998: Indonesia pledges widespread reform in return for IMF funding

May 1998: Moscow triples interest rates to try to save the rouble

July 1998: After months of turmoil the yen tumbles to fresh lows, even triggering intervention by the US.

The collapse triggers a fall in commodity prices putting pressure on Eastern Europe and Russia. IMF injects money into Moscow to cover the central bank's foreign reserves which have been used up defending the rouble.

August 1998: On August 13th George Soros urges Russian government to devalue. Just five days later it does so and also announces a moratorium on repaying foreign debt.

The Russian debt default and the IMF's refusal to pump any more money in, prompts any foreign investors still in emerging economies to flee.

Stock markets come under pressure and the countries running large deficits, particularly Mexico, Argentina and Brazil find their currencies coming under attack. Wall Street and European stock markets hit fresh lows.

September 1998: Both the Venezuela boliovar's and the Brazilian real's currency pegs to the dollar come under threat.

Wall Street seesaws but avoids a crash. Forecasts for US and European growth are cut sharply.