Thai PM wants to overhall constitution that bars brother's return



Thai Prime Minister Yingluck Shinawatra's party will present a plan for overhauling a constitution written after a 2006 coup that ousted her brother, a move that threatens to re-ignite political discord.



Yingluck's Pheu Thai party will present a proposal tomorrow to parliament to create a Constitution Drafting Assembly comprising 99 people that has 180 days to draw up a new constitution, spokesman Prompong Nopparit said Wednesday. A nationwide referendum will be held after it is completed, he said.



"The Pheu Thai party sees that the 2007 constitution is not democratic," Prompong said. "It weakens political parties, weakens politicians and limits the freedom of people. The constitution should be drafted by people for people."



The rewrite represents the biggest challenge to a military establishment that overthrew former Prime Minister Thaksin Shinawatra 6 yrs ago since his sister took power in August.



Moves by Thaksin's allies in Y 2008 to change the constitution sparked violent street protests by his Yellow-Shirted opponents that shut down parts of Bangkok and culminated in the seizure of the city's airports.



The government thinks it is confident enough to make a move that will certainly upset the military and anti-Thaksin forces. I would be very surprised if the Yellow Shirts can bring out the numbers they were able to bring out several years ago.



Thailand's SET Index, Asia's best performer over the past 3 months, gained 1.2% as of 12:09 p.m. local time. The baht strengthened 0.4% to 30.82 per USD.



Paul A. Ebeling, Jnr.




Paul A. Ebeling, Jnr

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.
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