In late 1996 and early 1997, in the face of a slowing economy, deficits in the budget, trade and current accounts, and weakness in the financial system, the Bank of Thailand insisted that it was ready to go to war.
Trucks carrying sacks of rice queue up in front of a rice mill in Buri Ram’s Prakonchai district where farmers mortgaged their crops under the government’s rice mortgage scheme late last year. Strains are emerging in the programme, as complaints among farmers increase about delayed payments. SURACHAI PIRAKSA
Thailand would defend the currency at 25 baht to the US dollar at all costs, George Soros and his evil hedge fund ilk be damned!
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