BAAC halts paying farmers with its 5 billion baht inter bank loan

[Mosha]

Thai farmers must be able to stand o their own 2 feet in their up-country.

They should not come to Bangkok and beg for more Tax Payers money to subsidies their corp.

you go and tell them....you know all the real answers dont ya... but begging for what your owed just isnt on is it....

Half the economics experts on the planet, including those in Thailand, have told both the PTP and the farmers that the rice scam would eventually collapse. Neither the PTP nor the farmers cared one bit, they thought they had found a money tree, and together they started plundering it, promising eachother cash for votes. Well, suddenly the tree ran out and now both the farmers and the PTP are dumbfounded. As a tax payer I am glad the tree ran out and I do not feel the least bit sorry for either the PTP or the farmers - and I definately do not feel I owe any of them anything whatsoever!

Ir was never about helping the farmers, if it was, they would have been paid on delivery.

[SICHONSTEVE]

Seems we now have another twist, the credit agencies are rearing their heads,

According to an official who asked for anonymity, Moodys Investors Service and Fitch Ratings conducted conference calls with Thai officials last week, to get data needed for the annual review.

On the row between the government and rice farmers, they understood that it is just a "technical" default on debt to farmers as a result of political conflicts.

So the finance ministry has told them that it is the fault of the protesters (political conflict) that the farmers haven't been paid.

Do they really think Moody's and Fitch will believe that ?

The PTP added that they could not yet give them the data, as after 2 years, the PTP had not yet managed to calculate the losses from the rice scam. This combined with blaming the protesters for the scams failure assured Moody's that everything was under control :-)

That was then........but this is now!!

[SICHONSTEVE]

Has Yingluck actually apologised to farmers at any point? Or is that beneath the high and mighty?

The latter.

[SICHONSTEVE]

Does anyone else see corruption and manipulation on display and not from the government?

1. threat by its union: In the good old days of unions, organized crime and political parties used to have a stranglehold on some unions. The mafia and the teamster in the USA , the Labour party and the coal miners in the UK. Is the PDRC getting help from its friends/proxies at the "union"?

2. rush to withdrawal money from the GSB: Has the PDRC and some of its media supporters encouraged and pushed the rush in an effort to cause panic?

The unions in the west are not the same as the unions here. There are little in the way of national unions here, they are mostly attached to a single business. Such as the BAAC has its own union, and the GSB has its own also.

Also you quoted political party and mafia alliances, the PDRC is not a political party or an organized crime syndicate, it is a protest movement. I doubt they have had time to forge alliances, and if there were any such alliances I can pretty much guarantee they would not be on the side of the democrats, they would align themselves with the polar opposite wouldn't you think?

Stop trying to bring the PDRC into this, the media would have been waiting for a chance all day long to tie this with the PDRC and not even the bullshit Thaksin funded Khaosod even come up with anything. They don't need to do it, they knew already what the results would have been, I was waiting for this since Saturday when the GSB story broke..... It ain't rocket science... Millions of Thais hate this government, enough to also hate the GSB for supporting the government and its corrupt and failed rice policy.

The PDRC is a defacto political group. It's leader Suthep is the former chief organizer of the Democrats. He was the face of the Democrat party in the south. He is joined by most of his key organizers. Basically, the PDRC is the Democrat party of the south. You cannot deny that. In respect to the pseudo union, as previously pointed out, the union is not a union in the conventional sense. All major service unions are open to political interference and manipulation as they do not operate with the same transparency as do actual service based unions elsewhere. This is why there is a similarity to the Teamsters or Labourers unions of the 1950's to 1980's in the USA.

The millions of people who you say hate the government, are unlikely to have bank accounts at the GSB. They are more likely to have their accounts at SCB, BB, TMB or K. The GSB isn't the bank of choice in the south or in Bangkok.

My gf has 200-300k in GSB. She lives in the south and hates the government. Anything else you want to tell us about GSB customers? :-)

Btw, she did not pull out her money today.

Don't tell me - she hates queuing!!!

[casualbiker]

Looks like the BAAC is in bed with the Democ rats and Suthep.

The government gave them the money to pay the farmers and they still refuse to pay the farmers.

Such a shame. The farmers union refusing to pay their own farmers even though they have the money.

Stop talking rubbish. The GSB have asked for the money back because like usual the government have cocked up. It was an interbank transfer that the BAAC had to pay interest on.

The BAAC are only the payment agent for the government. The government have to provide money so that the payment agent can dispense it to the governments customer (the farmers) The government are not providing the necessary funds .. simple really!

Sent from my XT1032 using Thaivisa Connect Thailand mobile app

[SOTIRIOS]

..........just about the way every government promise has gone.....

[callaway]

What happened to all the billions allocated for this? I guess it was put into the trough and all the pigs were their feeding until nothing was left. Now they must lay in all the sh£t that was produced by them for eating too much.

[samuidave]

they heap more pain on the farmers who already have little to spare ,dont they realise theyre gonna devastate the rice farming community and it will be hard to reinstate ,,farmers kids are already reluctant to take over when the parents die and wouldn't dream of taking up farm work and getting their hands dirty .

And isn't that the exact history of western capitalism, to drive the small farmers off of their lands, allowing the corporatist's to swoop in for a quick, low-bid buy?

Edited February 18, 2014 by samuidave

[soalbundy]

Seems we now have another twist, the credit agencies are rearing their heads,

According to an official who asked for anonymity, Moody’s Investors Service and Fitch Ratings conducted conference calls with Thai officials last week, to get data needed for the annual review.

On the row between the government and rice farmers, they understood that it is just a "technical" default on debt to farmers as a result of political conflicts.

So the finance ministry has told them that it is the fault of the protesters (political conflict) that the farmers haven't been paid.

Do they really think Moody's and Fitch will believe that ?

Do you mean the rating agencies that gave AAA ratings to repackaged toxic US mortgage debts?

He does have a point although of course comparing the US with Thailand is like comparing a Rolls Royce with a roller skate.

The fact remains that this government has serious credibility issues and borrowing any amount of money, let alone that 2 trillion baht they dream about, is going to be financially crippling for the Thai people.

It wont be crippling, it'll be f***ing impossible

[samuidave]

Doesnt anyone just do their job anymore here without messing things up and sticking thier noses in anothers pile of dung ? ... <deleted> does it have to do with the BAAC where the money comes from surely they are charged with paying the farmers and thats it... you got some bloody money now pay some farmers with it... jesus if its a f up by the gov let them get crucified for it and not the poor farmers.

<deleted> use the money to pay the farmers now you have it.... these people in these pin head depts dont give a crap about those they are supposed to be helping its all political...

Boy are we seeing one screwed up system and country ive never seen anything like it here all at once in so many depts ... its like watching someone having seizures, on purpose.

Had you actually been paying closer attention this last decade or more, you would have known way back then that the Shin clan war as corrupt as they come. The kettle's just starting to percolate now, so it stands to reason that more are noticing the planned take-down of the nation into corporatists' hands.

[DLock]

what a bunch of clowns

How dare you say that?

Clowns are funny and bring mirth and laughter with their ridiculous antics, slapstick humor and over the top make-up.

...ok...you win.

[SICHONSTEVE]

they heap more pain on the farmers who already have little to spare ,dont they realise theyre gonna devastate the rice farming community and it will be hard to reinstate ,,farmers kids are already reluctant to take over when the parents die and wouldn't dream of taking up farm work and getting their hands dirty .

And isn't that the exact history of western capitalism, to drive the small farmers off of their lands, allowing the corporatist's to swoop in for a quick, low-bid buy?

Maybe, but you can hardly equate the PTP and this government with Western capitalists. Well that's what I believed, anyway!!!

[LeamchabangLarry]

Any news on any GSB withdrawals today?

[samuidave]

[bangkok Post] Customers withdrew 30 billion baht from Government Savings Bank on Monday

Can't post a link but you can just go and read yourself..... sort of puts to bed all the crap about 58 million withdrawals and 51 million deposits and now you know the real reason why it has all been halted, and before anyone tries to blame Suthep.... Not a single report even from the red Khaosod press about him being involved.

This is just how much the public hates Yingers and Co.

With THIS news breaking, I wonder just how much will be pulled out tomorrow, or the next day... I think the damage has been done, the people know that the GSB is under control of the Thaksin regime and while it is, who knows what may now be happening behind closed doors.

This could kill the GSB, another stellar performance of the PTP caretaker government.

"Today the bank's clients took out around 30 billion baht. Most clients who withdrew were in Bangkok and the south. Around 10 billion baht was deposited. This doesn't impact the stability of the bank," Worawit Chalimpamontri, president of the savings bank, told a televised news conference.

http://www.reuters.com/article/2014/02/17/us-thailand-protest-idUSBREA1G05X20140217

BUT IT WILL if the run continues for a time.

[Torrens54]

I don't get it.

The headline says

BAAC halts paying farmers with its 5 billion baht inter bank loan

but it goes on to say that the bank recieved money from the government to pay the farmers.

Simple question: Are they going to be paid or not?

Hope we don't see it finish up in SOMEONE'S Travel Fund. The Middle East sounds nice at this time of the year!

Now be nice folks. Perhaps it could be a trip to sell RICE or should that be SAND to the Arabs?

Edited February 18, 2014 by Torrens54

[samuidave]

Seems we now have another twist, the credit agencies are rearing their heads,

According to an official who asked for anonymity, Moodys Investors Service and Fitch Ratings conducted conference calls with Thai officials last week, to get data needed for the annual review.

On the row between the government and rice farmers, they understood that it is just a "technical" default on debt to farmers as a result of political conflicts.

So the finance ministry has told them that it is the fault of the protesters (political conflict) that the farmers haven't been paid.

Do they really think Moody's and Fitch will believe that ?

Do you mean the rating agencies that gave AAA ratings to repackaged toxic US mortgage debts?

He does have a point although of course comparing the US with Thailand is like comparing a Rolls Royce with a roller skate.

The fact remains that this government has serious credibility issues and borrowing any amount of money, let alone that 2 trillion baht they dream about, is going to be financially crippling for the Thai people.

Why? The are both financially collapsing and insolvent. Broke is broke.

[JesseFrank]

Any news on any GSB withdrawals today?

Posted Today, 10:01

RT @Tulip_Oum: GSB in Chumphon allows to w/draw Bt10,000 max per person and need to wait for cash from Suratthani.-@rambutan_TRNEWS http://t.co/TDosCJpc6Q

Posted Today, 10:10

RT @RichardBarrow: Run on Government Savings Bank is now in the 2nd day. Some branches limit withdrawals (Pic @MorningNewsTV3) http://t.co/5aWkjDkiRd #Thailand

Edited February 18, 2014 by JesseFrank

[LeamchabangLarry]

[bangkok Post] Customers withdrew 30 billion baht from Government Savings Bank on Monday

Can't post a link but you can just go and read yourself..... sort of puts to bed all the crap about 58 million withdrawals and 51 million deposits and now you know the real reason why it has all been halted, and before anyone tries to blame Suthep.... Not a single report even from the red Khaosod press about him being involved.

This is just how much the public hates Yingers and Co.

With THIS news breaking, I wonder just how much will be pulled out tomorrow, or the next day... I think the damage has been done, the people know that the GSB is under control of the Thaksin regime and while it is, who knows what may now be happening behind closed doors.

This could kill the GSB, another stellar performance of the PTP caretaker government.

"Today the bank's clients took out around 30 billion baht. Most clients who withdrew were in Bangkok and the south. Around 10 billion baht was deposited. This doesn't impact the stability of the bank," Worawit Chalimpamontri, president of the savings bank, told a televised news conference.

http://www.reuters.com/article/2014/02/17/us-thailand-protest-idUSBREA1G05X20140217

BUT IT WILL if the run continues for a time.

If another 30billion is withdrawn today, they'll close their doors to keep itself from going insolvent Edited February 18, 2014 by LeamchabangLarry

[samuidave]

Thai farmers must be able to stand o their own 2 feet in their up-country.

They should not come to Bangkok and beg for more Tax Payers money to subsidies their corp.

you go and tell them....you know all the real answers dont ya... but begging for what your owed just isnt on is it....

Half the economics experts on the planet, including those in Thailand, have told both the PTP and the farmers that the rice scam would eventually collapse. Neither the PTP nor the farmers cared one bit, they thought they had found a money tree, and together they started plundering it, promising eachother cash for votes. Well, suddenly the tree ran out and now both the farmers and the PTP are dumbfounded. As a tax payer I am glad the tree ran out and I do not feel the least bit sorry for either the PTP or the farmers - and I definately do not feel I owe any of them anything whatsoever!

How humanitarian of you to have no empathy for the farmers. They probably have about a grade three education on average. They are taught to believe their government. They 'think' they received benefits thru 30 baht health care and the 1 million village fund, but only because they do not understand geo-politics and corporatism.

And you think it is their fault they are getting screwed? Nice guy. Blame the victim.

Edited February 18, 2014 by samuidave

[kotsak]

There is a GSB branch in a small shopping mall near to my place along Rama 3 in BKK. It opens by 11:00 and is usually dead empty. Today there were 2-3 people outside waiting for it to open and their ATM seemed to be out of service

Their cash deposit machine was working fine though..

Edited February 18, 2014 by kotsak

[monkeycountry]

Thai farmers must be able to stand o their own 2 feet in their up-country.

They should not come to Bangkok and beg for more Tax Payers money to subsidies their corp.

you go and tell them....you know all the real answers dont ya... but begging for what your owed just isnt on is it....

Half the economics experts on the planet, including those in Thailand, have told both the PTP and the farmers that the rice scam would eventually collapse. Neither the PTP nor the farmers cared one bit, they thought they had found a money tree, and together they started plundering it, promising eachother cash for votes. Well, suddenly the tree ran out and now both the farmers and the PTP are dumbfounded. As a tax payer I am glad the tree ran out and I do not feel the least bit sorry for either the PTP or the farmers - and I definately do not feel I owe any of them anything whatsoever!

How humanitarian of you to have no empathy for the farmers. They probably have about a grade three education on average. They are taught to believe their government. They 'think' they received benefits thru 30 baht health care and the 1 million village fund, but only because they do not understand geo-politics and corporatism.

And you think it is their fault they are getting screwed? Nice guy. Blame the victim.

The only victim here is the tax payer.

The farmers unite in groups, who all have leaders, most of whom understand what is going on around them. At least that is what it sounds like when they are interviewed. They generally know and agree that the democrat rice scheme was ok, and carried much smaller losses for the country. They also know and agree that the PTP rice scheme was a little better than the democrat scheme (for the farmers), but not much better, and they know it carries much bigger losses for the country.

They are also well aware that the IMF, the World Bank, Moody's and a long range of Thai university professors has told Thailand that the PTP rice scheme would lead to financial trouble for Thailand, unlike the democrat scheme.

If they know all that, which multiple interviews with them will confirm they do, then why did they not insist on continuing with the democrat scheme? I am guessing they were greedy, did not think of the consequences of their greed - as always, and definately did not think of the consequences to Thailand's economy or the tax payers who they knew were funding this whole thing.

The farmers, red shirts and the PTP, told everyone that they were the majority and therefore could do what they wanted, and so they did - even though pretty much everyone with an education warned them of the consequences. Now their arrogance comes back to haunt them, and suddenly they expect sympathy?

[monkeycountry]

Thai farmers must be able to stand o their own 2 feet in their up-country.

They should not come to Bangkok and beg for more Tax Payers money to subsidies their corp.

you go and tell them....you know all the real answers dont ya... but begging for what your owed just isnt on is it....

Half the economics experts on the planet, including those in Thailand, have told both the PTP and the farmers that the rice scam would eventually collapse. Neither the PTP nor the farmers cared one bit, they thought they had found a money tree, and together they started plundering it, promising eachother cash for votes. Well, suddenly the tree ran out and now both the farmers and the PTP are dumbfounded. As a tax payer I am glad the tree ran out and I do not feel the least bit sorry for either the PTP or the farmers - and I definately do not feel I owe any of them anything whatsoever!

How humanitarian of you to have no empathy for the farmers. They probably have about a grade three education on average. They are taught to believe their government. They 'think' they received benefits thru 30 baht health care and the 1 million village fund, but only because they do not understand geo-politics and corporatism.

And you think it is their fault they are getting screwed? Nice guy. Blame the victim.

I recall long ago posting in another thread that PTP rule and the rice scam would eventually bankrupt the country, and when that happens it is always the poor that get hurt as they are the ones who will lose they jobs, free education, free healthcare etc. just like what happened in Greece and other countries.

Granted, the country is not bankrupt yet, but at least the poor are now getting a taste of what a bankrupt country will do to them.

Fortunately the current situation is salvageable, as it is just a technical bankruptcy, but I guarantee you that months from now when all this is over, and the farmers have eventually been paid, the farmers will again vote for the PTP especially if the PTP promises to continue the rice scam for them!

Most (Thai) people I know do not let their children with a third grade degree vote on the family's important financial decisions. I wonder why Thailand does?

Edited February 18, 2014 by monkeycountry

[a99az]

Guess there must be a few who have not had there cut of the money, lets just hope there is enough left after the admin fees to give the farmers something.