Too many people believe that the Asian crisis is over. It has only just started. Investors are encouraged by the reforms that Asian governments have said they will implement. The World Bank, IMF and US government – if those last two can still be considered separately – have added to the euphoria by praising the governments for the swiftness in capitulating to their demands. And the markets have responded. Capital gains on some Asian benchmarks were 18% in the first quarter.
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