The road to prosperity was not without its bumps, the biggest being the economic crisis that began with a run on the baht in July 1997. An ill-considered defense of the currency meant that the Bank of Thailand used up all of the country’s reserves, With its coffers empty, the Thai government had little choice but to accept a $17 billion bail-out from the IMF. The IMF demanded radical financial restructuring, accelerated privatization, massive state and corporate reforms, and large inflows of foreign investment.