The financial crisis in East Asia was due to a massive foreign debt. The Russian crisis was a classic move, by devaluating the ruble and defaulting on debt. The

The financial crisis in East Asia was due to a massive foreign debt. The Russian crisis was a classic move, by devaluating the ruble and defaulting on debt. The euro opened at $1.19 and sank to $0.83 within two years. Meanwhile people were popping bottles of champagne in the internet industry.