DPM Kittiratt: Eurozone Crisis Fallout Poses No Significant Impact On Thailand

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DPM Kittiratt: Eurozone crisis fallout poses no significant impact on Thailand

BANGKOK, 14 July 2012 (NNT) – The deputy prime minister in charge of economic affairs has reassured the public that the Eurozone debt crisis has not posed any significant impact on the country yet.

Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong said during the Yingluck Government Meets the People program, on Saturday, that the financial crisis in Europe has not elevated, with all related governments working hard to contain and solve the problems through such approaches as fund-raising and monetary policy.

For ASEAN, Mr. Kittiratt stated that all countries have cautiously devised and pursued their respective policies. Major economies, such as China and South Korea, have adjusted down their interest rates.

The Deputy PM added that the Thai government has also introduced a number of surveillance measures related to the interest rate policy, the energy prices and the tax policy, to prevent the country from being hit by the Eurozone debt crisis.

He reiterated that the impact of the financial crisis in Europe has not reached Thailand although he conceded that all measures must be carefully implemented to shield the local economy from any undesirable fallout.

When asked about the export industry, Mr. Kittiratt said that all state banks have provided assistance to business operators, who are in need of help. Such assistance includes special loan consideration and the opening up of new markets.

He noted that a number of sectors may be hit by the Euro crisis, including jewelry, textile, garment and electronics. However, he assured that the government has started discussion to find solutions for them on an individual basis.

-- NNT 2012-07-14

[MaxLee]

Kittirath is out of his mind boggle.

[Moruya]

So we've gone from "no impact" to "no significant impact?

[MaxLee]

So we've gone from "no impact" to "no significant impact?

So it seems, the higher the status the more stupid they become.

[LuckyLew]

Other than tourists from Europe not being able to afford to travel to Thailand

No significant impact

[Yunla]

The Hub of Invincibility.

[robertthebruce]

Gosh

Speak about being in Denial...

You could not make this up if you tried...

Talk about insular... oh well, life goes on... in the Land of Smiles..

[Lingba]

who is this guy kidding????

[edgarfriendly]

YET!

[allan michaud]

So we've gone from "no impact" to "no significant impact?

Yesterday we (here in Cambodia) had a report in the news on ASEAN exposure to the Euro zone crisis from, I think the ADB.

It noted that of all the countries in ASEAN, Thailand and Cambodia had the most significant exposure to the crisis.

I think the Thai govt is talking complete b@%%@&s

[Orac]

So we've gone from "no impact" to "no significant impact?

Seems to be a fairly consistent message so far. "No significant impact" from Kittiratt, "not have a serious impact on local economy" from Yingluck and backed up with "limited direct impact" from Christine Lagarde.

[MaxLee]

So we've gone from "no impact" to "no significant impact?

Yesterday we (here in Cambodia) had a report in the news on ASEAN exposure to the Euro zone crisis from, I think the ADB.

It noted that of all the countries in ASEAN, Thailand and Cambodia had the most significant exposure to the crisis.

I think the Thai govt is talking complete b@%%@&s

You're right, the higher te status, the more BS they spit to the public. Same as with the flood prediction. I wouldn't be surprised when it's flooding again in a few months.

And guess what that means "even European people won't come to Thailand so often anymore. <- so there you have the OTHER EURO CRISIS" hahahahahaaaaa

[mrtoad]

Surely, it's common sense that there will be an impact on tourists numbers if money is tight in the euro zone . How much impact is will only be seen in the high season. If the PTPs goon squad in red continue their nonsense as well, then there will be more impact

[KireB]

Other than tourists from Europe not being able to afford to travel to Thailand

No significant impact

Exactly! Its a proven fact that Thailand has a 'knowledge economy' and is not dependent on exports. And those foreign tourists only account for a (direct) 7% of the GDP. Never mind the indirect spin off.

[puipuitom]

Could you ever trap a Thai politicien on telling the truth ?

I still remember how often bird flue was over in TH, despite newspaper full with casualties.

Or no flooding / flooding over its peak etc, with still expanding problems.

Payment to the people in the hurt areas..

Now Euro…

Be wiser: Euro went down from 43,45 till now 38,55, with result all Thai products 13 % more expensive. Seafreight went up from US$ 650 per 20 ft till now US$1975. No Thai ever cares, as horizon of thinking ends at FOB.

Many EU citizens in financial problems, so do not even THINK of holidays far away.

Never a Thai politician who collapses under knowledge of the situation.

[MEL1]

"Eurozone debt crisis has not posed any significant impact on the country yet."

As Edgarfriend pointed, he used the word 'yet'.

It's interesting that as India and China buy out all of Greece's, and for that matter Italy's gold, that gold prices fluctuate in Thailand as normal.

No impact?

Of course, yet, there is no impact - financial impacts take years, maybe decades. What can be said is that Thailand, OR PTP to point it, is playing its own financial world, and that is a doom to disaster, when the other Asean countries are playing by international monetary policies.

The PTP ass-holes think they do something and get immediate results... like a bullet in the head does, or a cabinet shuffle brings in a new team of experts in their hope that maybe one of them is capable of doing a job at hand.

Thick as shit - all of them........ ALL OF THEM.

What a pathetic charade of a government this beautiful land has.... I think I've made myself clear.

I still love the land and its peoples and what it has to experience, however, so for those of you who may say go home if you don't like it - I have two words for you:

F

Off.

-mel.

[redroo]

The guy doesn't want to lose his job for telling the truth

Same everywhere in the world.

Stick your head out

and it gets bitten off.

leaving them jobless

and cashless.

[stoffel45]

We travel to Thailand twice a year.

This year it will be once.

Our budget in euro remains the same, but because of the incredible mismanagement of the crisis by the so called experts of the EU, our salaries and savings have dropped by nearly 30% in the past year. From 45 baht to 1 euro we are now looking at 37 baht per euro.

Thus, this family will bring in less, spend less and stay for a shorter time.

This is not a planned 'devaluation' style reduction - it is quite simply because the main economies of the World do not wish to risk exposure to euros. Why risk a 180 day letter of credit in euro - when in 180 days there may be no euro? The Mandarins and High Princes of the EU are grotesquely corrupt and nobody believes them any more.

As a family, our breaks in Thailand are the only bright spots in the grey, grim world of Belgium's drear.

Now, like those ghastly fluorescent (and more toxic) lamps we are forced to use by the EU, it all got a bit gloomier.

Edited July 14, 2012 by stoffel45

[Skywalker69]

who is this guy kidding????

Thailand and only thailand.

[billd766]

Other than tourists from Europe not being able to afford to travel to Thailand

No significant impact

So in your opinion Thailand does not export a single baht of anything to the 17 countries.

17 Member States of the European Union use the euro as their currency

• Belgium
  
• Germany
  
• Estonia
  

• Ireland
  
• Greece
  
• Spain
  

• France
  
• Italy
  
• Cyprus
  

• Luxembourg
  
• Malta
  
• The Netherlands
  

• Austria
  
• Portugal
  
• Slovenia
  

• Slovakia
  
• Finland
  

The European Union presently consists of 27 countries and has a total population of nearly 500 million citizens (497,198,740).

http://www.eucountrylist.com/