1.   Defending the baht is forcing the country to keep interest rates high, crippling economic recovery.

2.   In a speech to the joint Foreign Chambers of Commerce two weeks ago, Finance Minister Amnuay Viravan said Thailand will use its entire reserves to defend the baht.

3.   Many analysts said actual reserves could be half that amount, as the government borrowed billions of baht in May and June to defend the baht.

4.   The battle to defend the baht cost Thailand billions.

5.   The devaluation process was set in motion by currency speculators, who were betting that unbalanced economic policies that favored growth left the government unable to defend the baht.

6.   The government also aims to ensure financial stability by defending the baht, tied to a basket of currencies of leading trade partners.

7.   Amnuay said he was not informed about the currency swap to defend the baht because it occurred in the banking department, not in the exchange equalisation fund.

8.   But he still insisted on defending the baht until there was an agreement to change the foreign exchange regime.

9.   But they also allowed the central bank to defend the baht without limit.

10.   For when it defended the baht in the spot market, it immediately faced a run-down of its reserves.