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Fall of Suharto
1998 Indonesian presidential resignation / From Wikipedia, the free encyclopedia
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Suharto resigned as President of Indonesia on 21 May 1998 following the collapse of support for his 32-year long presidency. Vice President B. J. Habibie took over the presidency.
Fall of Suharto | |
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Part of the 1997 Asian financial crisis and the Post-Suharto era in Indonesia | |
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Date | 4–21 May 1998 |
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Resulted in | Fall of the New Order
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Suharto's grip on power weakened following severe economic and political crises stemming from the 1997 Asian financial crisis. The economy suffered a flight of foreign capital, leading to a drastic drop in the value of the Indonesian rupiah, which severely impacted the economy and people's livelihoods.
Suharto was re-elected to his seventh term by the People's Consultative Assembly in March 1998. Increasing political unrest and violence undermined his previously firm political and military support, leading to his May 1998 resignation. Initially under newly installed President Habibie, a period of political reform ("Reformasi") followed.