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A survey of the economic and social impact of currency crises on developing countries, with an in-depth look at how the world’s biggest banks use the world financial system to speculate on currency movements that sparked economic meltdown in Russia, South East Asia and South America.

War on Want, 2002

Link to the full report

Extract:

"The globalisation of financial markets has led to a succession of financial and economic crises.The events of the 1990s suggest that these crises can be expected to recur with increasing frequency, and that they will prove progressively more costly to deal with, in social and economic terms. A central factor in these has been the role of currency speculation.

These crises have had devastating consequences for the developing world, and a disastrous impact on the poor. Populations have been hit by rising unemployment, wage cuts, inflation and reductions in public spending.Vulnerable groups - women, children and the elderly - have been particularly hard hit.The progress of human development is being thwarted by the failure of governments and international institutions to regulate the global economy.War on Want is witness to this in its daily efforts to eradicate poverty in developing countries."

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