1. Foreign reserves were severely depleted in a futile defense of the peso during heavy speculative attacks on the currency last July. 2. Thailand depleted its foreign exchange reserves in a futile defense of the baht last spring. 3. Thailand waited until last month to float the currency after a futile defense against speculators. 4. The crisis began last July when Thailand abandoned its fixed exchange-rate system after nearly draining its foreign reserves in a futile defense of the baht. 5. Then the Russian, playing the whites, pushed Topalov into a frantic but in the end futile defense to capture the second match. |