The stage was supposedly set for a major showdown on Tuesday. What was not clear was whether it would be a make-or-break confrontation, or just another show of force by the two opposing forces, the Centre for Maintaining Peace and Order (CMPO) and the People’s Democratic Reform Committee (PDRC).
CMPO director Chalerm Yubamrung on Monday asked the media to be ready at the Metropolitan Police Bureau as early as 8am so that they would be able to observe and report another big operation to retake five government premises from the protesters -- Government House, the Government Complex at Chaeng Wattana, the Interior Ministry, Pan Fah bridge on Ratchadamnoen Avenue and the Energy Ministry. The operation was to be televised live by government Channels 11 and 9. It was reported that more than 20,000 police drawn from various parts of the country would be used in this operation. Protest leader Suthep Thaugsuban mobilised his supporters, many from the southern provinces, to defend the five government premises, particularly Government House which, he claimed, is being cared for by some 2,000 guards.
Rice farmers confront riot police in Bangkok on Feb 17, 2014 as they protest against the government's repeated failure to pay for crops they delivered months ago under the rice pledging scheme. (AFP photo)
Mr Suthep also challenged fugitive former prime minister Thaksin Shinawatra to return home to command the police force in dispersing the protesters.
However it works out, the showdown is merely a sideshow to distract attention from the real desperate problem confronted by the government – that is, it still cannot pay the rice farmers and its attempts to secure money have met obstacles.
The Government Savings Bank, aka the government’s piggy bank, experienced a run on deposits on Monday as fearful customers rushed to the bank’s branches across the country to withdraw their hard-earned savings and close their accounts after learning the bank had lent 20 billion baht to the Bank of Agriculture and Agricultural Cooperatives to help pay the rice farmers.
Altogether about 30 billion baht was withdrawn in a single day, GSB director Worawit Chomlimpamontri admitted, but was also quick to point out the bank received about 10 billion baht in fresh deposits that same day.
BAAC general manager Luk Wajananwach, meanwhile, ordered a temporary halt to the injection of further funds from the GSB, fearing that his bank might also experience a run on deposits by apprehensive customers.
Several GSB branches such, including those in Chumphon province and Si Racha, ran out of cash and the banks had to issue cheques to customers withdrawing their deposits.
Even if the BAAC did received a 20 billion baht cash injection, it is still far short of the debt owed to the farmers, which is said to be between 100 and 120 billion baht.
Caretaker Deputy Prime Minister Kittirat Na-Ranong told the media on Monday that the farmers would all be paid within 6-8 weeks. How can he be so sure that the Finance Ministry will get the money for the BAAC, or that the Commerce Ministry will be able to sell more rice in such a short period of time in a world market awash with rice?
Just consider the five avenues open to the Commerce Ministry to offload the huge rice stockpile -- government-to-government sales, sales to domestic rice traders, sales to governmental agencies, sales to charity organisations, and donations. It's clearly in a hopeless position.
What government would buy rice from Thailand after that foul smelling fake G-to-G rice deal with China, and the fact that there has not been a single G-to-G deal in the two years or more the rice scheme has been in operation. All the G-to-G deals claimed by the government have been lies.
The BAAC is so desperate for fresh funds that it was reported that the Man in Dubai had ordered the management of Airports of Thailand Plc to lend 40 billion baht of its surplus liquidity to the bank. The move has caused an uproar among the staff, who were wearing black on Tuesday in a to protest against the management.
Meanwhile, the National Anti-Corruption Commission is expected to this month wrap up its probe into caretaker Prime Minister Yingluck Shinawatra’s involvement in the fake Chinese rice deal, which will determine whether a formal charge of malfeasance in office will be lodged against her.
It appears that the noose is tightening around the government’s neck and that even the magic powers of all the evil-exorcising rituals performed in Myanmar and at a temple in Ayutthaya on Valentine’s Day cannot help.