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Thailand takes 'last chance' to reform financial markets

Thailand's prime minister unveiled a long-awaited package of reforms last night to revive the country's flagging fortunes. Chavalit Yongchaiyudh waited until the financial markets closed before making the announcement that many have called his "last chance". However, Mr Chavalit offered few concrete measures to ease the concerns of investors who have lost billions of dollars in Thailand's worst recession for decades.

The measures included the pledge to dismiss managers of badly performing financial companies and set up agencies to manage the suspended financial companies. But there was no word about a new bankruptcy law to replace Thailand's current archaic legislation. The omission fuelled speculation that foreign creditors, who have invested more than $5bn in the suspended financial companies, may be prevented from retrieving their loans by selling off the companies' assets.