Thai Finance says it cannot pay rice farmers by January 15

[englishoak]

Thailand is not broke, it has no problem with debts it can easily raise funding should it need to. That dosnt mean its not throwing baht away left and right but thanks to Taksin Thailand originally paid back the IMF early and put the national accounts in order long ago, it has been in a good position ever since where finances are concerned compared to half the western world.

It can of course afford to pay the farmers but like many departments here its not smooth sailing, its incompetency more than anything as usual and probably internal bickering polarising things as usual. The farmers will get paid 100% just a question of when it gets its finger out.

Thailand recorded a Government Debt to GDP of 44.30 percent of the country's Gross Domestic Product in 2012. That is not high, in fact its lower than most of Europe the UK the US and nearly all other western nations

you can look at how it compares here with all the charts and data http://asiancorrespondent.com/107090/how-does-thai-public-debt-compare-to-other-countries/

From a net debt perspective, Thailand’s debt is very low in comparison with other countries. This partly explains why it is relatively easy for Thailand to borrow money at such low rates.

Overall, gross government public debt shows Thailand is above average compared to other emerging economies with forecast debt continued to slowly rise over the next five years, but its level of debt to GDP is quite low compared to advanced economices and average compared to other Southeast Asian economies. When looking at net debt, Thailand’s public debt is very low.

Thailand is far from insolvent and people should stop pretending that it is or is going to be very soon because it isnt and the baht isnt going to go through the floor either, so stop dreaming of a 1999 crash again, sorry about that.

[FNQ]

Woooops

+ uhh ooh

[473geo]

What if the unthinkable happens for you guys, PTP are re-elected...after all there are those among you who don't even recognise the seed for the following year is held over from the current year.....although I know personally of some who are upgrading 50% of their seed this year due to the increased margins over the last couple of years....

[fish fingers]

liars and fools

the Rice Scam is coming home to roost.. as will the Whitewash Bill

[waza]

It seems to me that the 50 shades of red are getting increasingly more aggressive to the point of veiled threats, it has the distinct stench of fear borne from desperation.

What do you call a bank that is overwhelmed with 800 billion is non performing loans, debts of 140 billion and assets of 180 billion?

I call it better off than the Yinglucks government which has 2.2 trillion in off the book loans, 1 trillion in on the books but unpublished debts. No money in the treasury and must borrow 20% of its annual budget to fund the running of Thailand. Lucky they don't have to pay that debt personally, the Thai people do.

PS: englishoak, Thaksin paid off the IMF debt with borrowed money, in fact Thaksin increased Thailand's debt to 1.2 trillion baht and hid it off books by transferring the debt to the BOT. That debt is still there today and has been added to.

Edited January 15, 2014 by waza

[Ricardo]

Dear farmer

On Feb. 2nd don't forget to vote for us again so we can stick it up your rear end again. By the way a fresh crisp bill is in the mail.

Thanks for your support.

"By the way a fresh crisp bill is in the mail"

So at least the rural postmen will all be rich, and in a lot less than six months, too !

An old joke goes, "being a postman is better than walking the streets !"

Edited January 16, 2014 by Ricardo

[Mosha]

The shutdown bangkok plan is clearly not achieving its objectives of shutting the govt down and forcing the resignation of YL. What it is achieving however is losing Thailand millions and millions of baht daily, money that could have gone to paying the rice farmers.

You poor misguided fool.

The shutdown has no bearing on whether there was money to pay farmers or not. There was and is no money.

That's why someone had to make a stand.

Think.

Fortunately, I am neither poor nor misguided nor a fool. My accounting and economics degree from Melbourne University, Victoria, Australia taught me that a dollar earned is a dollar extra in my account and a dollar lost is.... well, a dollar lost 5555

Then you would know the scheme was bust before the protests in BKK kicked off

Edited January 16, 2014 by Mosha

[Mosha]

The shutdown bangkok plan is clearly not achieving its objectives of shutting the govt down and forcing the resignation of YL. What it is achieving however is losing Thailand millions and millions of baht daily, money that could have gone to paying the rice farmers.

You poor misguided fool.

The shutdown has no bearing on whether there was money to pay farmers or not. There was and is no money.

That's why someone had to make a stand.

Think.

Fortunately, I am neither poor nor misguided nor a fool. My accounting and economics degree from Melbourne University, Victoria, Australia taught me that a dollar earned is a dollar extra in my account and a dollar lost is.... well, a dollar lost 5555

Sorry double post

Edited January 16, 2014 by Mosha

[Hawkman]

good advice would be to exercise extreme caution in voicing any outrageous position on this topic

But wernt you voicing an outrageous position on the other thread that the bomb thrown at Abhisit's house was a conspiracy, red flag operation?

Seems like you just don't want any negative views on PT, Thaksin,YL or the Red Shirts posted on here as you want them to be viewed as whiter than white.

I guess you actually believe that the Amnesty bill was about "reconciliation" not about people in power trying to desolve any responsibility for their crimes.

Sent from my iPhone using ThaiVisa app

[Pakboong]

Thailand is not broke, it has no problem with debts it can easily raise funding should it need to. That dosnt mean its not throwing baht away left and right but thanks to Taksin Thailand originally paid back the IMF early and put the national accounts in order long ago, it has been in a good position ever since where finances are concerned compared to half the western world.

It can of course afford to pay the farmers but like many departments here its not smooth sailing, its incompetency more than anything as usual and probably internal bickering polarising things as usual. The farmers will get paid 100% just a question of when it gets its finger out.

Thailand recorded a Government Debt to GDP of 44.30 percent of the country's Gross Domestic Product in 2012. That is not high, in fact its lower than most of Europe the UK the US and nearly all other western nations

you can look at how it compares here with all the charts and data http://asiancorrespondent.com/107090/how-does-thai-public-debt-compare-to-other-countries/

From a net debt perspective, Thailand’s debt is very low in comparison with other countries. This partly explains why it is relatively easy for Thailand to borrow money at such low rates.

Overall, gross government public debt shows Thailand is above average compared to other emerging economies with forecast debt continued to slowly rise over the next five years, but its level of debt to GDP is quite low compared to advanced economices and average compared to other Southeast Asian economies. When looking at net debt, Thailand’s public debt is very low.

Thailand is far from insolvent and people should stop pretending that it is or is going to be very soon because it isnt and the baht isnt going to go through the floor either, so stop dreaming of a 1999 crash again, sorry about that.

Of course i agree, the move seems to be one to gain votes in the upcoming election by discrediting current government. This seemed to be the plan from early on and whether the North East goes for it remains to be seen. An inherent problem for governments with privately owned central banks which follow the Rothschild model. I don't follow how many votes the opposition needs to pull out of the North East to actually gain control but this may do it.

[TPI]

must be really bad if they can't even find money to pay their main supporters their bribe money for voting for them ?? are they rely so stupid as to steal it all but then I guess lets empty place before we run

Don't worry Issan just carry on voting for them and keep getting screwed by them

Serves them right

Som nom na!

[kerrysum]

To stop the rice scam is only half the story/problem.

PTP has basically destroyed the market for Thai rice, sliding from leading supplier the world to 4th place.

They also have warehouses of rice that they have to dump before the millers and government will consider buying more rice from Farmers again.

So, when the scam does stop, there is huge oversupply, no demand and the millers will be offering low, low prices for Farmers rice....who will have no income for possibly years to come.

All those shiny new Vigo's, smartphones and farm equipment that are on finance will soon be gone, along with the land to loan sharks that circle the drowning farmers.

This story has a few more chapters to go...but I think we know how the last page ends. It's a modern tragedy that will destroy millions, all in the aim to bring one man home.

I have to agree with you 100%,

These scams have been going on for years, all at the cost of the farmers, the country, and perhaps the LOS...... It was only a scheme to buy votes of the farmers.... If it sounds to good to be true, then it probably is, just what I learned through life.... It can be corruption on both sides in my opinion, but when will the people finally be free.... ????? (or at least learn from the past mistakes?) Politics never mix with logic, the scheme is on both sides, and the farmers, at least the smaller ones suffer.... Thailand please wake up.....

kilosierra

[GentlemanJim]

You poor misguided fool.

The shutdown has no bearing on whether there was money to pay farmers or not. There was and is no money.

That's why someone had to make a stand.

Think.

Fortunately, I am neither poor nor misguided nor a fool. My accounting and economics degree from Melbourne University, Victoria, Australia taught me that a dollar earned is a dollar extra in my account and a dollar lost is.... well, a dollar lost 5555

Well I am calling BS on you. I do not believe for one nanosecond that anyone who is remotely literate in accounting and economics would write such a ridiculous ill-informed comment such as you did.

"The shutdown bangkok plan is clearly not achieving its objectives of shutting the govt down and forcing the resignation of YL. What it is achieving however is losing Thailand millions and millions of baht daily, money that could have gone to paying the rice farmers. " If you are indeed a graduate from Melbourne in the subject you claim your fellow alumni must be aghast that the Universities reputation lies in the hands of people like yourself. The comment was idiotic. Please explain to us all the mechanics of how the protests are causing money to be lost that would otherwise have been diverted towards paying the rice farmers, I am eagerly awaiting the explanation from an accounting and economics graduate from Melbourne, or have you got it like Australia....all upside down?

Don't blame me. Blame Bob Hawke who was the Premier at the time that I graduated - obviously, he must have been responsible if less than adequate students like me are allowed to graduate from what was then, one of the top unis in Oz?

Incidentally, which part of the "Revenue less COGS (cost of goods sold) = GP (gross profit)" equation don't you understand? Government finance is essentially no different from corporate finance. Or at least that is what I was taught when I first worked for one of the Big Eight which subsequently became Big Six, the Big Five and as of now, Big Four (I happened to be a partner which accounts for why I can afford to pay Bht 45k rental a month in an apartment overlooking Soi Cowboi even when retired and drawing no further income).

Cor blimey now we are starting willy waving as well. I will swop you your condo overlooking the city's drunkards and hookers for my 4 bed self designed villa with home gym, home theatre and a kitchen bigger than your condo, by the beach (complete with tsunami shelter). Have a happy retirement

[SparklingCascades]

Why does my country always have a problem?

- Either farmers are unhappy cos' rice does not pay or a subsidy is put in place which destroys Thaiand's rice-exports. Now farmers cannot get paid what was agreed under a very controversial scheme.

- Then you have the situation of 'Thai-style democracy' IE: either no elections happen because military needs to keep order or elections are held but the losing side refuses to live with the government voted-in. The Shinawatra's may be buying votes in the North but then Suthep Thuagsuban has a history of corruption *& dodgy deals in the south. My country needs to be rid of both sides.

- Taking to the streets is now a national past-time by either the red shirts or yellow shirts or both . Instead of coming in to work in our factories, hotels & offices so that these "middle class" or "Bangkok elite" or "farmer" types (like the newspapers say) can earn money to pay their bills and live decently. Wealth creation seems to never figure in the thinking of these clever types. They are not even sure what democracy looks like after all this time on the streets.

- You have,what papa calls, the 'parallel economy or grey economy' which is more powerful, more corrupt and more effective for getting things done in Thailand; than the regular economy. This has pushed Thailand from spot 92 down to spot 102 in the list of most corrupt countries - released by Transparency Intl in Dec.2013. It increases the cost of doing business in Thailand since everything must be bought - no matter if one follows the law or not. Do the protesters ever realize that corruption will not go away irrespective who wins? Maybe they need to have a 'war on corruption' which is color-blind rather than focused on red shirt or yellow shirt or white shirt or whatever......bloody idiots.

Makes my country the Thaigeria of Asia (as in Nigeria of Africa)