Thai Default Risk Soars as Funds Pull $4 Billion: Southeast Asia
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The risk of Thailand defaulting on its debt rose to the highest since June 2012 as anti-government protests prompt money managers to sell the nation’s assets.
The cost of protecting the country’s debt soared after investors including Wells Fargo Inc. pulled more than $4 billion from Thai stocks and bonds since Oct. 31, as rallies clogged up Bangkok roads and clashes left nine dead with about 550 injured. Pacific Investment Management Co., Goldman Sachs Group Inc. and Kokusai Asset Management Co. reduced holdings before protests erupted in late October, regulatory filings show.