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  • Thailand
    Wednesday May 14, 1997

    1997 Asian financial crisis

    Speculative attacks

    Thailand
    Wednesday May 14, 1997

    On 14 May and 15 May 1997, the Thai baht was hit by massive speculative attacks.




  • Thailand
    Monday Jun 30, 1997

    1997 Asian financial crisis

    A Promise

    Thailand
    Monday Jun 30, 1997

    On 30 June 1997, Prime Minister Chavalit Yongchaiyudh said that he would not devalue the baht.




  • Thailand
    Wednesday Jul 2, 1997

    1997 Asian financial crisis

    Float the Baht

    Thailand
    Wednesday Jul 2, 1997

    Thailand lacked the foreign reserves to support the USD–Baht currency peg, and the Thai government was eventually forced to float the Baht, on 2 July 1997, allowing the value of the Baht to be set by the currency market. This caused a chain reaction of events, eventually culminating into a region-wide crisis.




  • Thailand
    Monday Aug 11, 1997

    1997 Asian financial crisis

    Rescue package

    Thailand
    Monday Aug 11, 1997

    On 11 August 1997, the IMF unveiled a rescue package for Thailand with more than $17 billion, subject to conditions such as passing laws relating to bankruptcy (reorganizing and restructuring) procedures and establishing strong regulation frameworks for banks and other financial institutions.




  • Thailand
    Wednesday Aug 20, 1997

    1997 Asian financial crisis

    Bailout package

    Thailand
    Wednesday Aug 20, 1997

    The IMF approved on 20 August 1997, another bailout package of $2.9 billion.




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