Part 2/11:
The crisis was marked by sharply devalued currencies, skyrocketing interest rates, and collapsing markets. Thailand, Indonesia, and South Korea succumbed to IMF-led rescue programs that involved strict austerity measures—steep interest rate hikes, massive budget cuts, and structural reforms. These measures, while designed to restore stability, often exacerbated economic hardship, leading to bankruptcies, unemployment, and social unrest.