Thailand: Wounded Tiger Seeks $20 Billion Band Aid
The foreign banker was irate. He had believed the Bank of Thailand would defend the baht from all attacks and make sure the country's finance companies would repay their dollar-denominated loans. But then the central bank suspended operations at 16 finance companies, devalued the baht by 18% on July 2, and announced that foreign lenders had to shift for themselves. "The credibility has been broken," says this banker. "The next step will be to cut the lines of credit."
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