Legal challenge to financial decrees filed

Published: 30/01/2012 at 06:04 PM
Online news: News

The Democrat Party has submitted a petition to House Speaker Somsak Kiatsuranont, asking that he request the Constitution Court for a ruling on two financial executive decrees.

The petition, signed by 128 members of parliament, was on Monday submitted by Democrat deputy leader Korn Chatikavanij, MPs Wirat Kalayasiri, Atthawit Suwanphakdi and Thavorn Senniam.

The opposition is asking that the court to rule whether the issuing of the two financial executive decrees was in violation of Article 184 of the consitution, as there is no emergency which requires that they be issued.

The first decree allows the government to transfer full responsibility for repayment of the 1.14 trillion baht in debt from the 1997 crisis to the Bank of Thailand. The other allows the government to seek loans amounting to 350 billion baht for water management programmes and flood restoration and rehabilitation.

"I think the Constitution Court's deliberation will impact economic stability and security," said former finance minister Korn.

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whatajoke
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Discussion 9 : 31/01/2012 at 06:20 AM9
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We only have to look at the mess Europe is in from borrowing too much when the going was good. We have parliaments to debate budgets and expenditure to avoid a government racking up huge debt that might be disastrous and left for future govts to fix, that is why the Dems are challenging this. Experts have come out to reveal that flood prevention infrastructure can be financed within the present framework, no emergency decree needed to be used. Puea Thai used it because they don't particularly want the opposition to rip their pork-barrelled budget to shreds in a debate. Those who claim the Dems have no right to challenge this because they can't win elections, or suggest they deliberately kept the dams full are ignorant beyond belief. Ask yourselves, why has no govt in decades, including Thaksin ones, not borrowed so much money under such hazy circumstances, it's unprecedented. All apparently because Bangkok had a once in a century flood. There's got to be a hidden agenda.
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ggh
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Discussion 8 : 31/01/2012 at 01:44 AM8
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If funding is not available urgently to prevent flooding this year, I guess Thailand would be telling forgein investors that Thailand is not interested in protecting their investment. Would this be sound fiscal policy? Or would this lead to a mass exit of forgein firms? No one wants massive debt. But is there a practice alternative? I believe the opposition could better use their time for budget oversite to insure the funds are used responsibly.
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wyattearp
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Discussion 7 : 30/01/2012 at 11:27 PM7
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PTP governs Thailand and must be allowed to run the economy as it sees fit. However, it seems sound advice about living sustainably is being ignored. Borrowing to fund populist mega-projects will stimulate the economy in the short-medium term, but will eventually leave Thais with too much debt. The Bank or Japan and other foreign financial institutions are licking their chops at the prospect of loaning money to Thailand. Do these institutions have the best interests of Thai people in mind? The time of living unrealistically on lines of credit died in 2007. Following a path of more and more debt will only make the lives of ordinary Thais much tougher in the end. It certainly will not be the rich who will pay the debt down through bank fees and taxes!
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canuck
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Discussion 6 : 30/01/2012 at 09:47 PM6
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If the Dems had done this the floods would not have affected Thailand like it did. Now they criticize the PT for doing what they should have done. Then they say the PT did nothing to prevent the flooding. Excuse me but the floods started when the Dems were in power. They did nothing and now they want to do nothing again. These people only want to didrupt Thailand so they can reap bribes to have it repaired. To much money is waisted in Thailand paying bribes and grease money. Without construction the corrupt cannot prosper.
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canuck
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Discussion 5 : 30/01/2012 at 09:40 PM5
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The first decree allows the government to transfer full responsibility for repayment of the 1.14 trillion baht in debt from the 1997 crisis to the Bank of Thailand. The other allows the government to seek loans amounting to 350 billion baht for water management programmes and flood restoration and rehabilitation.

Does this mean they don't want to prevent future flooding of Bangkok? The Dems didn't open the gates to the Dam leaving Thailand with the largest flood in 100 years, now they don't want to prevent it from happening again.

And Bangkok wants the Dem? Give them what they want. Let Bangkok flood. If they want the Dems in power this is what they will get.

And they can't wait to have power again. They think the PT will step down and let them take over. I think it's safe to say these guy's should NEVER be allowed to be in power again. The PT should outlaw thier party and forbid them from public office for life.
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englishbob
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Discussion 4 : 30/01/2012 at 09:36 PM4
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Contrary to rumours, the Democrats came to power by a parliamentary process by forming a coalition government.
It was exactly the same process that the two previous governments used.
Former Finance Minister Korn Chatikavanij steered Thailand through the global recession admirably, despite the enormous damage done to the country by UDD. He won Global Finance Minister of the Year in recognition of his work. His credentials are valid and proven. Since August 2011, though, Thailand's economy has taken a battering and those at the helm seem clueless and amateur in comparison.
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bikeme
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Discussion 3 : 30/01/2012 at 09:00 PM3
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While I an see the appropriateness of emergency decrees in SOME situations. The value of both of these decrees is way beyond an "emergency decree", finances of this value MUST be run through the process for feedback and vote.
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bula
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Discussion 2 : 30/01/2012 at 07:23 PM2
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Is Korn talking about asking the constitution court to interpret the two decrees or about parliamentary dictatorship. The DEM achieved parliamentary dictationship power arranged at military barrack used executive decree as well.
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bkk-farang
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Discussion 1 : 30/01/2012 at 07:03 PM1
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Thaksin and his henchmen want money NOW – as much as possible. They will also give some crumbs to their red-shirt supporters – just enough to keep them happy but dependent. When the masses finally realize that Thaksin & Co robbed Thailand it will be too late. But I am sure in the moment the red-shirts will support their master.
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Legal challenge to financial decrees filed | Bangkok Post: business