In the aftermath of the 1997 Asian financial crisis, a well-known businessman who went bankrupt as a result of the abrupt baht devaluation gave a blunt message to his creditors: "no money, no fleeing, and no paying".
This week a group of people in debt made a similar statement, though without justification. Surprisingly, they are teachers.
A video clip featuring a group of teachers gathered at Maha Sarakham Rajabhat University and declaring their intention to stop repaying their debts to the Government Savings Bank (GSB) went viral on Monday. The group, led by Ouaychai Wata, president of the Teachers' Organisation Network, said they would stop their repayments on Aug 1.
