Abhisit Santa Claus : the rescue package could reach 300 billions (or 200, or 180)

Santa Claus ? The new Prime Minister says now that the rescue package for the thai economy would reach 200 billions THB… or 300 billions… Last week, it was 180 billions.

Anyway, no one really knows, and probably even Abhisit himself doesn’t know. And it’s not relevant.

The thai politicians are just catching up with the global hysteria of “bailouts” and other “stimulus packages”…

Abhisit felt compelled to have his own… Even though the Bank Of Thailand, under heavy psychedelic drugs, sees thateconomic sentiment and confidence in Thailand have begun to revive after the new government has been installed and is beginning to take action“. 😉

This whole story is turning like a (bad) Benny Hill Show. With Abhisit in the leading role.

Thailand’s new government plans to spend 200 billion baht ($5.8 billion) early next year to boost the sagging economy and prop up falling commodities prices, Prime Minister Abhisit Vejjajiva said on Tuesday.

“Our economic measures will come out after our speech to parliament,” he told reporters after his first cabinet meeting.

“They will cover all sectors — agriculture, employment, tourism and business. They are all urgent tasks,” he said, without giving details.

Abhisit is due to deliver his maiden speech to parliament on Dec. 29, and is constitutionally barred from revealing details of his policies before then. (Rehttp://in.reuters.com/article/asiaCompanyAndMarkets/idINBKK7815220081223uters)

And the last version :

Abhisit said the government would expand its planned stimulus package to 300 billion baht ($8.6 billion) as it aims to boost its economy teetering on the brink of recession.

The spending will come from additional budget increases, loans from state banks to shore up commodities prices and re-allocation of unspent funds from local governments. (Reuters)

re-allocation of unspent funds ? It’s grotesque.

This “plan” is an absurd and lilliputian version of all the other plans in the US, Europe etc.

7 Responses to “Abhisit Santa Claus : the rescue package could reach 300 billions (or 200, or 180)”


  1. 1 chinesethai 26 December 2008 at 7:49 am

    The 76-billion baht seized from Thaksin on corruption charges should cover at least 20% of Abhisit’s rescue package.

    Check this out.
    DOWN TO HIS LAST $500m
    http://www.straitstimes.com/Breaking%2BNews/SE%2BAsia/Story/STIStory_318574.html

  2. 2 ThaiCrisis 26 December 2008 at 8:06 am

    It’s a gross and false report.
    Read http://bangkokpundit.blogspot.com/2008/12/did-uk-seize-thaksins-assets.html

    The UK never seized Thaksin’s assets… A simple email to the editor of the arabian newspaper was enough to cancel the false report… 😉

  3. 3 chinesethai 26 December 2008 at 8:21 am

    ThaiCrisis:

    Did you take a look at the bottom?

    Dudeist // December 23, 2008 1:33 PM

    For the record – Anil Bhoyrul is a convicted criminal who was central to the infamous City Slickers case involving the UK’s Daily Mirror national newspaper. He was one of 3 financial columnists who bought shares, talked them up in the Mirror and then sold them at a profit.

    Basically Bhoyrul gave up his friends so he would receive a lesser sentence (he got community service – they went to prison). As he couldn’t get work in the UK he skulked off to Dubai where he works for ITP – a company that have a long long record for very very bad journalism. ITP were refused a newspaper license a couple of years back – reasons weren’t given but the Dubai authorities clearly thought they weren’t up to the job.

    Arabian Business also recently had their top reporters walk out due to interference from above.

    I wouldn’t quote ANYTHING from either Bhoyrul or any ITP publication without double checking the source. They, and Bhoyrul, are not reputable people.

    Readers should look at dubaimedia.blogspot.com for an insight into Bhoyrul, ITP etc.

    —————-

    Sometimes an idiot believes that he is a pundit.

  4. 4 chinesethai 26 December 2008 at 8:45 am

    Can he ever mobilize large crowd again as we have seen from the gathering at Rajamangla and Supachalasai Stadiums?

    Large crowd in the background last week.
    “Daddy Thaksin, please come back. We miss you!!”
    i360.photobucket.com/albums/oo44/saramat-2008/upload2world_ff9b0-500×372.jpg

    These pictures were taken yesterday at Sanam Luang. What happened to them?
    http://www.pantip.com/cafe/rajdumnern/topic/P7360374/P7360374-1.jpg
    http://www.pantip.com/cafe/rajdumnern/topic/P7360374/P7360374-3.jpg
    http://www.pantip.com/cafe/rajdumnern/topic/P7360374/P7360374-7.jpg

    It is the free supper that drew the crowd.
    http://www.pantip.com/cafe/rajdumnern/topic/P7360374/P7360374-8.jpg
    http://www.pantip.com/cafe/rajdumnern/topic/P7360374/P7360374-10.jpg
    http://www.pantip.com/cafe/rajdumnern/topic/P7360374/P7360374-12.jpg

  5. 5 fall 26 December 2008 at 1:28 pm

    “Come over to the dark-side, Mark.”
    “You were supposed to destroy the Populist, not join them”

    Abhisit said the government would expand its planned stimulus package to 300 billion baht
    Actually, I agree with the stimulus-package idea. But the devil is in the detail, HOW will they be spend. If the prior Miyazawa loan was the bar, then we are doomed…
    But you do raise a good point, money does not grow on tree. (Or we can just convert tree and strart to print money?)

  6. 6 antipadshist 26 December 2008 at 4:42 pm

    Bloomberg also reports a 300bln Baht ($8.6bln) “stimulus package”

    here is one other thing from Abhisit’s buddy Korn:

    Finance Minister Korn Chatikavanij said Dec. 24 government spending may cause Thailand to run a budget deficit of as much as 400 billion baht in fiscal 2010. That compares with a proposed shortfall of 350 billion baht on the 1.84-trillion-baht budget for the fiscal year ending Sept. 30, 2009. Thailand’s public debt to gross domestic product ratio is “relatively low” at 35 percent, he said, providing some fiscal flexibility.

    “relatively low” – right, so, let’s make it up to standard – say, increase to 50-70% ! 😉

    SPENDING – is the magic word which holds bankers under spell.

    this one also interesting article comparing to 97 Asian crisis. which is pretty relevant I guess, since Abhisit compares it so too:

    Thai prime minister says downturn could be worse than 1997

    “Abhisit said the economic numbers for next year appeared even more alarming than in 1997 during the Asian economic crisis, Thailand’s Nation newspaper reported.
    Thailand’s economy is widely expected to slow to a virtual standstill next year, if not actually shrink. Although the 1997 currency crash bankrupted a swath of Thai businesses, the global market remained quite robust.
    This time two central props of the Thai economy – exports and tourism – are wobbling alarmingly. “

    wow, what a bright fella, huh ? finally he has realized that !
    although before that he and his masters somehow didn’t think about it and were supporting PAD by all means.

    but now he is not so shy to call for “unity” for the sake of “helping economy” :

    Workers should not engage in disruptive protests against their employers which “unwittingly exacerbate economic woes by undermining business confidence

    LOOK WHO IS TALKING ! a clown who has appointed fun-loving Kasit as a FM – surely to boost “business confidence”. 🙂
    and why he didn’t talk such a nice big words while PAD was holding the whole country hostage and scaring away investors ?

    Abhisit and his masters (all those “sponsors” who financed PAD) must have realized that much earlier – when PAD has ran amok and seized GH. instead so many Dems MPs has been attending PAD rallies and both Abhisit and Korn were regularly expressing their support in media.

    now though he takes about “disruptive protests” ?
    hypocrisy is very evident !

  7. 7 John 3 January 2009 at 10:54 am

    The question is if a rescue-package makes sense to a relative small open economy like that of Thailand.
    The answer is no!
    Total exports and imports are 120% of GDP, imports are about 60% of GDP. So of every extra baht spent by the government 60 satang leaves the country. The world should say thank you to Abhisit. Yet every baht has to be paid back with interest in the near future.
    Small open economies can do nothing but keep the economy competitive with its neighbours. I wonder if that is the case.


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Thailand Crisis

Coup, Economic slowdown, Terror In the South... The situation is worsening in Thailand. Bumpy road like often before.

But this time, it's different.

The key to understand the present turmoil is the inevitable... succession of King Bhumibol.


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