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.