What happened June 1997 AD

In June 1997, Indonesia seemed far from crisis. Unlike Thailand, Indonesia had low inflation, a trade surplus of more than $900 million, huge foreign exchange reserves of more than $20 billion, and a good banking sector. But a large number of Indonesian corporations had been borrowing in U.S. dollars. During the preceding years, as the rupiah had strengthened respective to the dollar, this practice had worked well for these corporations; their effective levels of debt and financing costs had decreased as the local currency's value rose.

On 3 June 1997, Bergoglio was appointed Coadjutor Archbishop of Buenos Aires with right of automatic succession.

On 30 June 1997, Prime Minister Chavalit Yongchaiyudh said that he would not devalue the baht.