Collapse Files · CF-042
HE SIGNED THE FLOAT ORDER AT 9 A.M. THE CABINET HAD VOTED NO THE NIGHT BEFORE. HE USED THE EMERGENCY DECREE.
Emergency Decree 441, signed on July 2nd, 1997, ended a twenty-three-year currency peg, causing the phaya to lose sixteen percent of its value within hours. With $41 billion in unhedged corporate loans at stake, Somchai Rattanavong's decision triggered a financial crisis that led to widespread insolvency and unemployment.
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