Other companies await a government-led bailout. What were disasters for some were opportunities for others. After paring debt, the group looked for bargains thrown up by the Crisis. Foreigners were on the prowl in 1998. America's GE Capital was a prime buyer of Thai hire-purchase loans and mortgages, which the country's Financial Restructuring Agency sold in June and August.
Nationalists are up in arms over what they see as the invasion of foreign carpetbaggers.
Still, the growing investor interest is an indicator that the worst may be over. Liquidity has been improving and interest rates have fallen. Fund chief Camdessus praised the government for stabilizing the baht, raising foreign reserves and limiting inflation. The restructuring of the country's overextended conglomerates got a shot in the arm in December when Samsung and Daewoo unveiled an agreement to swap car-making and electronics assets. Industrial production and exports are now showing positive growth.