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Monday, July 4, 2011

Soon-to-be Thai PM announces success in forming 5-party coalition

Thailand’s baht rose by the most since February 2008 and shares climbed after an election victory by allies of exiled former premier Thaksin Shinawatra raised prospects foreign investors will return to the nation.
The cost of protecting government bonds from default dropped the most in more than a year as Pheu Thai, led by Thaksin’s sister Yingluck Shinawatra, won 265 seats in the 500- member parliament and announced the formation of a five-party, 299-seat coalition. Prime Minister Abhisit Vejjajiva congratulated Yingluck, and the defense minister said the army accepted the result. The benchmark SET Index of shares advanced by the most since April 2010.

According to the latest election result, Pheu Thai won 265 seats in the 500-seat House of Representatives; the ruling Democrat Party 159; Bhumijaithai, 34; Chartthaipattana, 19; Palung Chon, seven; Chart Pattana Puea Pandin, seven; Rak Prathet Thai Party, four; Matubhum, two and the Rak Santi party, one.

Therefore, the coalition will garner 299 seats, or about 60 percent of the House seats.

This means six opposition parties -- Democrat Party, Bhum Jai Thai, Rak Thailand, Matubhum, New Democratic, Rak Santi -- will altogether have 201 seats.

Yingluck said "299 is a good number," adding that afterall everything has to wait until the parliament formally endorses her as the prime minister.

The first task the new government will try to tackle, Yingluck said, is to bring about reconciliation to the country. She added that she will assign a special body to investigate the May 2010 incident, in which 91 people were killed in a military crackdown on anti-Democrat Party government protesters.

The 2010 May incident is considered as one of the most tragic event in recent Thai political conflict.

Yingluck, 44, is the youngest sister of fugitive Prime Minister Thaksin Shinawatra who was ousted by the military coup in 2006.

If the House of Representatives, expected to hold a session to elect prime minister soon, endorses her as prime minister, Yingluck will be the first female prime minister of Thailand.

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