Angered by Thailand’s financial policies, some 2,000 businessmen and office workers protested in Bangkok’s central business district Monday, the birthplace of reckless lending that helped trigger an economic crisis across Southeast Asia.
The protest was the largest outpouring of middle-class anger against the government since tens of thousands rallied against military rule seven years ago.
Demonstrators blocked traffic, kicked down crowd barriers and chanted slogans demanding that Prime Minister Chavalit Yongchaiyudh step down for failing to avert economic disaster. The demonstration centered on the headquarters of Bangkok Bank, the country’s largest financial institution.
All 48 ministers, meanwhile, prepared to resign to pave the way for a Cabinet reshuffle.
Thailand’s decade-long economic boom has crashed amid a drop in exports and a glutted real estate market.
Fifty-eight finance companies closed because of bad loans, and the local currency has lost 40 percent of its value since July.
That forced Thailand to seek a $17.2 billion bailout from the International Monetary Fund to stay afloat.
Thailand’s government, already perceived as corrupt in opinion polls, has been slowly stoking public anger by its inability to restart the economy.
Calls for Chavalit’s resignation have been mounting as layoffs increase, prices rise and homes and cars are being repossessed.
A government shakeup was considered imminent as Chavalit met party leaders Monday.
A party meeting was planned for Tuesday to discuss changes in the Cabinet.
The meeting comes after Finance Minister Thanong Bidaya’s announcement that he would soon step down. The resignation is a serious blow because his presence was considered crucial in restoring stability to the economy.
Bidaya’s announcement has shaken the country’s currency and stock markets.
Chavalit spent the day huddled with his political lieutenants but made no announcements.
Army chief Chetta Thanajaro told reporters Monday that the protesters had a right to air their views and the military, which has staged 17 coups or coup attempts since Thailand abandoned an absolute monarchy, would not interfere.
