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Outside South America, the country most haunted by the ghost of the Mexican crash is Thailand. All the signs of success coming apart at the seams are there, including a large current account deficit, a build up of short-term debt, an overvalued currency, a moribund stock market, overextended banks, a property slump and inept government. As if this wasn’t enough, journalists, analysts and academics have been busy penning articles pointing out the dangers Thailand faces. Financial meetings in London and New York have been abuzz with Thailand horror stories and many bankers with Thailand risk have flown to Bangkok to assess the situation. |
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