Before the currency collapsed in August, the rate was about 6, and few believe that the ruble will not be devalued further.

Yet Malaysia's economy is in crisis, its currency has collapsed and blame had to be fixed.

The Salvadoran currency, whose exchange rate has held steady since the end of the war, would also collapse, diplomats and economists here predicted.

Imagine, for example, that Brazil's currency collapsed, losing more than half its value in a week.

Inflation is 40 percent a month or more, the currency has collapsed and the Government is unable to collect taxes.

Then the Asian currencies collapsed and they were unable to pay back their loans.

Last week, the currency all but collapsed, throwing hundreds of banks and companies into bankruptcy.

Meanwhile, events in Indonesia tumbled out of control, and its currency collapsed.

When local currencies collapsed, the repayment terms of these loans rapidly became prohibitive.

But in real life, anxiety began to spread through most foreign markets after Thailand's currency collapsed in the summer of 1997.