Word: thailander
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...financial crisis, which was partly caused by weak risk management. Lenders haphazardly tossed money at conglomerates for questionable industrial projects and property investments, and they chased high-yield, high-risk investments around the globe. But they paid the price in bank and finance company failures. In August 1997 Thailand closed 42 finance companies, Indonesia closed 16 banks two months later, and South Korea closed 14 merchant banks in December 1997, according to Merrill Lynch. Others were sold or merged. Those that survived cleaned up their act. Credit analysts are more thoroughly trained and better technology systems allow managers to more...
...undeniable who my relatives are, but I will do things the right way.' SOMCHAI WONGSAWAT, Thailand's newly elected Prime Minister, on his brother-in-law, exiled former PM Thaksin Shinawatra...
...actually wants to rule Thailand is less clear. In spite of the fact that the group uses the word "democracy" in its name, the PAD backs a political system in which an elected parliament could be replaced by one that is partly appointed. Some PAD leaders have advocated what they call a "People's Revolutionary Government," though there's little consensus among the PAD's disparate factions - which include labor activists, ethnic Chinese businessmen and staunch royalists - as to how such a government should come to power or what it might do on a day-to-day basis...
...that position last week, quickly lifted the state of emergency the former P.M. had declared after clashes between the PAD and a pro-government group turned deadly late last month. The move was, in part, designed to calm the battered stock market and send a message to tourists that Thailand was stable again - a badly needed signal given that hotel occupancy is down roughly 40% from last year...
Unlike Samak, Somchai is not one to up the ante, and he has vowed to "bring unity" back to Thailand. The new P.M. also vowed not to interfere in the ongoing court cases against his brother-in-law. Nevertheless, the basic rift between the rural poor, who support Thaksin, and the urban middle class and elite, who despise him, is only growing wider. Furthermore, another case that will reach the constitutional court in the coming months might force the dissolution of Somchai's PPP because of a vote-buying conviction against its former deputy leader. If that happens, Somchai will...