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The events of 1997 which relate to global finance are reviewed. As tensions built in the Asian region during 1997, some of the region's largest companies rushed to put long-term financing in place. Asia Pulp & Paper was one of the most active, raising almost $3 billion from bond buyers during a busy ten months for the Singapore-based company's finance team. But despite the brave words of eager bond salesmen, APP was not, after all, able to turn economics on its head. In February 2001, APP duly defaulted on its bonds and loans. Separately, In May 1997 currency speculators, looking for a chance to make a quick killing, scented the perfect quarry: the Thai baht. Mired in political instability and hampered by a slowing economy, Thailand was unable to effectively defend its currency. Enter Stanley Fischer, the International Monetary Fund's then-deputy managing director. Fischer descended on the region like a whirlwind, prescribing bitter medicine to countries that sought loans or other help from the IMF.