THAILAND: Thailand bounces back two days after a bloodless coup

Military tanks and vehicles parked around Bangkok's main buildings and streets on Thursday (September 21) attracted curious onlookers, following a bloodless coup which ousted Thai Prime Minister Thaksin Shinawatra. The notorious traffic-choked streets of Bangkok was filled with throngs of commuters headed to work, and stores opened their doors to bustling streets. Residents who walked past soldiers took time out to hand flowers to the soldiers and take pictures near soldiers and tanks. Not a shot was fired in the coup that took place late on Tuesday (September 19) and on the streets, little military presence was seen except at certain street junctions near large shopping complexes and around the Government House and nearby army headquarters. Concerns about a conflict or even a counter-coup by Thaksin's supporters appeared to have all but evaporated after Thailand's military coup leaders led by army chief General Sonthi Boonyaratglin pledged on Wednesday to choose a new prime minister within two weeks and step back from power. As Thais returned to work after the holiday, most expressed support for the military coup which they saw as a last resort to resolve a protracted political crisis in the kingdom. "It is one of the solutions and perhaps it's working now but I don't know if it's the best solution. But it's as good as it's possible for now," said Arunee Krongphanich, a 45-year-old Bangkok resident. "This is good because there has been too much conflict so now we can see there's going to be a general elections," said Boonmi Ohlanuwut, a 69-year-old Bangkok resident. At a securities firm in Bangkok's Chinatown, Thai investors kept their eyes on stock indexes as they anxiously waited for trade to open for the first time after Wednesday was declared a market holiday. Despite stocks taking a tumble early on, most were cheered when numbers started to climb soon after. "It's fallen a lot already, it'll go up later. No worries, no worries," said 80-year-old retiree Suthep Jirasirlikul. Analysts had said any sell off was likely to be limited as the coup generated hopes of an end to a long political crisis. In particular, the markets had been reassured by the coup leaders announcing a timetable for a return to civilian rule -- a new prime minister within two weeks, a new constitution within a year and then elections. With the coup relatively peaceful, the Thai economy too will likely continue to progress reasonably well, business risk consultant Christopher Bruton told Reuters. But Bruton cautioned that with the coup, the credibility of Thailand has taken a beating internationally especially since a democratic process was taking place with a general elections pending. So investors' eyes will be on who forms the next government, he told Reuters. "It depends on who they appoint to be the interim prime minister and what he does when he is appointed. Will he simply see his role as an interim situation to amend yet again the constitution to close to a 20th time, or will he see it as an opportunity to bring about reforms in the legal, the economic and governmental systems," he said. On Wednesday evening, Sonthi gained a boost in legitimacy among Thais when it was announced that revered Thai king has endorsed his appointment. "Therefore, in the interest of order in the country, a Royal Appointment was therefore made for General Sonthi Boonyaratglin to be leader of the the Political Reform Council under the Constitutional Monarchy from now on," a newscaster for army-run Ch 5 had read in a televised statement. Soon after Tuesday's coup, the leaders had sought to reassure the public that they would craft within a year a constitution to repair flaws Thaksin was accused of exploiting to wield near dictatorial powers, then hold an election. But the leader of the largest Thai opposition party told Reuters that despite their assurances, coup leaders still had to prove they were not intending to hold onto power. "We think the process can be speeded up but at least we're encouraged to hear that they do not intend to hold on to power, and that they're job is really to put the country on the democratic path, but they have to prove it, and they have to prove it as quickly as possible," said Abhisit Vejjajiva, leader of the Democrat Party. Abhisit said an ideal time to hold an election would be in six months. Abhisit also urged the generals to lift restrictions on individual rights. Thailand was technically still under martial law. And the military had issued orders on Wednesday banning political gatherings of more than five people and restricting information critical of the coup from being distributed on the Internet or scrolled on television stations.

ITN Source | September 21, 2006

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