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The Day of ReckoningAt 5am on July 2, 1997, Vichai Punphocha, the general manager of Dresdner Bank in Bangkok, rose to a surprise phone call. Somebody at the Bank of Thailand was on the line.At 5am on July 2, 1997, Vichai Punphocha, the general manager of Dresdner Bank in Bangkok, rose to a surprise phone call. Somebody from the Bank of Thailand was on the line.Vichai had left Thailand for Germany at....
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Shortly after floating the baht on July 2, 1997, Gen Chavalit Yongchaiyudh, the prime minister, was pondering how to seek a financial rescue package to help Thailand avoid further catastrophe. He did not want to submit Thailand to the tough programme of the International Monetary Fund. Since he had good ties with the military leadership of China, he thought that China would be a good friend of Thaila....
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