Senators to fight FIDF debt switch

News > Local News

Senators to fight FIDF debt switch

Petition seeks ruling on legality of decree

Published: 28/01/2012 at 04:08 AM
Newspaper section: News

A group of senators will file a court challenge against the government's transfer of financial crisis bailout debt to the Financial Institutions Development Fund next week.

Kamnoon: Principle must be observed

Sen Kamnoon Sidhisamarn said a petition would be filed to the Senate speaker to seek a ruling on the legality of the emergency decree authorising the debt transfer passed yesterday.

This article is older than 60 days, which we reserve for our premium members only.You can subscribe to our premium member subscription, here.

About the author

Writer: Aekarach Sattaburuth and Parista Yuthamanop

Keep this article in your social bookmark:

Latest stories in this category:

Forum

Your comments

johninbkk
Post : 2,474
Send message

Discussion 14 : 29/01/2012 at 04:58 PM14
Post this to my Facebook
thiswayup D9 - "I was under the impression that Mr. T had cleared all of the debt from the 97 Financial Crisis by about 1994."
Half the debt was paid off by 2006.
"What happened?"
The coup, the 2007 world financial crises, AV's expensive populist policies, AV's doubling of the military budget, and the 2011 flood.
Like dislike 0 people liked / 0 people disliked this comment
johninbkk
Post : 2,474
Send message

Discussion 13 : 29/01/2012 at 11:48 AM13
Post this to my Facebook
ggh D1 - The crises was the result of a poorly managed floating of the Thai baht. It then triggered an Asian-wide financial meltdown, causing businesses across the continent the fail. The banks were then stuck with the massive debt, of which was bailed out by a loan from the World Bank.
Like dislike 0 people liked / 0 people disliked this comment
koolbreez
Post : 436
Send message

Discussion 12 : 28/01/2012 at 08:46 PM12
Post this to my Facebook
Bypass debate in Parliament, and you bypass transparency completely. This government promised transparency in all money matters now they are going against that too.
Like dislike 0 people liked / 0 people disliked this comment
bluebottle
Post : 109
Send message

Discussion 11 : 28/01/2012 at 05:13 PM11
Post this to my Facebook
ggh ps may be the Bangkok post could look into it.
Like dislike 0 people liked / 0 people disliked this comment
bluebottle
Post : 109
Send message

Discussion 10 : 28/01/2012 at 05:11 PM10
Post this to my Facebook
ggh May be it is because some large share holders of the banks are in high places,Get my drift?
Like dislike 0 people liked / 0 people disliked this comment
thiswayup
Post : 21
Send message

Discussion 9 : 28/01/2012 at 04:02 PM9
Post this to my Facebook
What should be being done by the Government is figuring out how to pay this debt down, not how to shift it around to borrow more money.

Do they think that it is Financially Responsible to throw 60 Billion Baht per year down the drain for another 15 years?

This country has a lot of plans to spend this country into Bankruptcy. They should take a lesson from Europe and the United States.

Continued borrowing and increasing deficits will bring Thailand down. Who is this money owed to anyway, as in who is getting the 60 Billion per year interest?

I was under the impression that Mr. T had cleared all of the debt from the 97 Financial Crisis by about 1994. What happened? More creative book keeping to look good in the eyes of the sheep?
Like dislike 0 people liked / 0 people disliked this comment
dao
Post : 2,075
Send message

Discussion 8 : 28/01/2012 at 02:20 PM8
Post this to my Facebook
Enjoy the massive debt .I hope we have the IMF on speed dial .
Like dislike 0 people liked / 0 people disliked this comment
peterl
Post : 216
Send message

Discussion 7 : 28/01/2012 at 12:37 PM7
Post this to my Facebook
The senators appear to lobbying on behalf of the banks and, to the extent that that is true, should not be taken too seriously by the court or anybody else. These liabilities financed a bailout of the banks during the 1997 financial crisis, so in priciple it is surely correct that as soon as they are a position to do so, the banks and not the taxpayer should shoulder the lions share of the burden of paying them off.
Like dislike 0 people liked / 0 people disliked this comment
khunbj
Post : 401
Send message

Discussion 6 : 28/01/2012 at 12:25 PM6
Post this to my Facebook
As a minimum when reporting on what Senators do or not do then it would be nice to know whether we are talking about a Senator elected by voters or one of the many that are elected by influential people ... and in that case who elected him ... just to get an idea about who and which interests he/she is lobbying for .
The sooner that the Senate is being 100% elected by voters, the better, requires a reversal of the last constitution.
Like dislike 0 people liked / 0 people disliked this comment
ginger

Discussion 5 : 28/01/2012 at 11:35 AM5
I bet on the fact that these senators are the unelected ones and I bet they are lobbyists for the banks. It is quite frankly absurd that the Thai tax payer should pay for the rubbish that the Central bank and the banks created during the 1997 crisis. Of course the banks should pay this back themselves.
from iPhone application.
Like dislike 0 people liked / 0 people disliked this comment