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Thai banks suffer biggest default since 1997

Sahaviriya Steel reneges on 50b baht of loans following UK venture's failure; this will knock earnings at top creditors

HARD TIMES: Sahaviriya Steel partly blames an economic slowdown at home, with consumer confidence declining for an eighth consecutive month in August, as well as a global steel glut.


TEESSIDE, a gritty steel making district in England's north east, is almost as far removed as you can get from the steamy streets of Bangkok. The two collided this week to inflict the biggest default on Thai bankers since the Asian financial crisis.

Sahaviriya Steel...

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