Asia's 1997 Playbook Comes in Handy Amid Global Banking Turmoil.

In the Philippines, lenders and conglomerates are now led by people who were there in 1997 and recall how quickly liquidity dried up when so-called "hot money" fled the country, central bank Governor Felipe Medalla said. Authorities have borrowed lessons from the turmoil in 1997 and even the 2008 global financial crisis that wiped out Southeast Asia's markets and sent their currencies diving, according to Indonesian Finance Minister Sri Mulyani Indrawati, who co-chaired the bloc's meeting. (Bloomberg) -- Hard-earned lessons from the 1997 Asian financial crisis are helping insulate the region from the banking stress being experienced in the US and Europe. [Extracted from the article]