Tuesday, February 18, 2014

Global Protests February 18 , 2014 -- Hell's Bells tolling in Ukraine , Venezuela and thailand !

Ukraine........

2/19/14.....



Ukraine Government-Opposition Truce Announced

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Submitted by Tyler Durden on 02/19/2014 16:17 -0500



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With the Hryvnia at near-record lows (9.08 to the USD) and 3-month bill yields at 42%, we get a glimmer of good news from Ukraine:
  • *UKRAINE PROTEST CAMP WON'T BE STORMED TONIGHT, OPPOSITION SAYS
  • *UKRAINE GOVT, OPPOSITION AGREE ON TRUCE, YANUKOVYCH SAYS
  • *UKRAINE TALKS AIMED AT STOPPING BLOODSHED, YANUKOVYCH SAYS
Though sadly we have seen this before...


President of Ukraine Viktor Yanukovych held a meeting with Chairman of the Verkhovna Rada of Ukraine Volodymyr Rybak and members of the Working Group on the Settlement of Political Crisis.
The meeting was attended by Head of the Presidential Administration of Ukraine Andriy Kliuyev, First Deputy Head of the Presidential Administration of Ukraine Andriy Portnov, Acting Minister of Justice Olena Lukash and leaders of opposition parties Arseniy Yatsenyuk, Vitali Klitschko, Oleh Tiahnybok.
Following the meeting, the parties declared:
  1. Truce
  2. Beginning of negotiations aimed at cessation of bloodshed and stabilization of the situation in the country for the sake of civil peace.









President Obama Warns Ukraine Against "Crossing The Line"

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Submitted by Tyler Durden on 02/19/2014 14:16 -0500



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The US is adding its $0.02 to the international condemnation of the actions under way in Ukraine - desparate to re-write Victoria Nuland's narrative of "f##k the EUR" and political manipulation. President Obama, having not learned his lesson the last time he drew a red line, has come out swinging...
  • OBAMA:`THERE WILL BE CONSEQUENCES IF PEOPLE STEP OVER THE LINE'
  • OBAMA SAYS U.S. CONDEMNS UKRAINE VIOLENCE IN `STRONGEST TERMS'
  • OBAMA:MILITARY SHOULDN'T ACT WHERE CIVILIANS CAN RESOLVE ISSUES
Of course, it's unclear if open military action against civilians is 'crossing the line' but we await Putin's response.
More from the WSJ:
The Obama administration is considering sanctions against Ukraine, possibly in concert with European allies, saying the threat of penalties may push the government in Kiev to halt the deadly violence there.

"All of us are deeply disturbed," Secretary of State John Kerry said during a brief appearance in Paris with his French counterpart. "We are talking about the possibility of sanctions or other steps with our friends in Europe and elsewhere in order to try to create the environment for compromise."

Mr. Kerry and other U.S. officials didn't detail what those sanctions might entail, but the administration in the past has held out the threat of individual sanctions, typically steps that freeze assets and limit travel.

The threat from the U.S. comes after violent clashes in Kiev this week have claimed the lives of at least 25 people and as the Obama administration and its European counterparts try to get a handle on the situation.

Ukrainian President Viktor Yanukovych has blamed opposition leaders for the violence, while opposition leaders said the government was responsible.

Ben Rhodes, a deputy National Security Adviser to President Barack Obama, said the administration hopes the threat of sanctions will quell some of the violence. "We have made it clear we would consider taking action against individuals who are responsible for acts of violence within Ukraine," he said while traveling with Mr. Obama to Mexico. Mr. Obama is headed to Mexico, among other reasons, to discuss trade.





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It Begins: Ukraine Army Given Power To Use Weapons On Civilians - Live Feed

Submitted by Tyler Durden on 02/19/2014 - 11:14
Just as we warned earlier, the stealing of the weapons cache and labeling of the break-away region as having undertaken "terrorist acts" has led to the military getting involved:
  • *UKRAINE ARMY GIVEN POWER TO CHECK CIVILIAN VEHICLES
  • *UKRAINE ARMY GIVEN POWER TO USE WEAPONS ON UKRAINIANS: MINISTRY
Under the "anti-terrorist" operation, Ukraine is a close to civil war as it has been so far. As Martin Armstrong concludes: "there is no peaceful resolution" no matter how many sanctions and condemnations the West makes.



2/18/14......





Fierce clashes in Kiev as new wave of unrest grips Ukraine

Published time: February 18, 2014 15:03
Edited time: February 18, 2014 22:22
Kiev, February 18, 2014. (Reuters / David Mdzinarishvili)
Kiev, February 18, 2014. (Reuters / David Mdzinarishvili)
Tags
Clashes, Conflict, Opposition, Police,Protest, Ukraine, Violence
Rioters and police in central Kiev are exchanging smoke and stun grenades, as a fresh wave of violence is gripping the Ukrainian capital. While the rioters have no clear demands, the opposition keeps pushing for the president’s resignation.

Wednesday, February 19

00:33 GMT:
Ukraine’s President Viktor Yanukovich and opposition leaders were unable to reach an agreement, RIA Novosti quoted UDAR party leader Vitaly Klitschko as saying.
00:07 GMT:
A refectory in St. Michael’s Cathedral in Kiev has been turned into a hospital, according to journalist and Ukrainian MP Andriy Schevchenko.

View image on Twitter
Andriy Shevchenko @ashevch
У Трапезній церкві Михайлівського собору розгорнули резервний госпіталь

Tuesday, February 18

23:39 GMT:
Thirty soldiers were injured, five of them hospitalized, after a military unit in Lvov, Ukraine was attacked, according to local police.
23:17 GMT:
A man escapes the burning Trade Unions building through a window:
23:16 GMT:
Rioters have seized the prosecutor general's office in the western city of Lvov, according to local media.
23:13 GMT:
The city's administration has ordered that Kiev schools and kindergartens be closed on February 19.
23:13 GMT:
After being hit by what was reported as a possible rubber bullet shot from a sniper, opposition leader Aleksandr Turchinov tweeted that he suffered a mild face injury, but he is okay. He added that he doubts it was a sniper that was responsible.
23:08 GMT:
Thousands continue to occupy Kiev's Independence Square as state security forces move in to disperse the crowds. Watch Ruptly's latest footage from the scene.

23:04 GMT:
The opposition-held Trade Unions building on Independence Square has been taken over by police, according to Kyiv Post, which cited EuroMaidanPR. Reuters and Kyiv Post report that the sixth floor of the building is on fire, as well.
22:56 GMT:
Fire and smoke are bellowing around Maidan Square in central Kiev as protesters try to prevent riot police from breaking into the camp area. Police are using water cannons to put out the flames.
22:52 GMT:
President Yanukovich's meeting with opposition leaders has yet to start, according to the press service of the opposition Udar (Strike) party.
22:50 GMT:
Anonymous Ukraine claims it has broken into the Interior Ministry’s database, which includes details of some 3,000 riot police officers. The hack was posted on their page on Vkontakte, a social network similar to Facebook.
22:48 GMT:
Latest video from Ruptly news agency shows injured protesters treated by emergency services after clashing with police in and around Kiev's Independence Square on Tuesday.
22:47 GMT:
Snipers are reportedly using rubber bullets and live ammunition to target deputies presiding over an opposition stage. Opposition leader Aleksandr Turchinov was wounded after being hit by a bullet while on stage.
22:33 GMT:
German Foreign Minister Frank-Walter Steinmeier stated that Ukraine’s security forces have an obligation to de-escalate the situation.
GermanForeignOffice        ✔ @GermanyDiplo
FM on : Security Forces have obligation to de-escalate. EU to reconsider restraint on sanctions against individuals.

Kiev, February 18, 2014 (Reuters / Vasily Fedosenko)
Kiev, February 18, 2014 (Reuters / Vasily Fedosenko)








Alexey Yaroshevsky @Yaro_RT
Flashbangs and explosions have intensified at the . The feeling here is that the police might disperse the riot with force
******













This Is How Ukrainian Protesters Attack An Armored Personnel Carrier

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Submitted by Tyler Durden on 02/18/2014 16:13 -0500



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Watch as sparks fly between a Ukrainian military APC, possibly the same one we revealed earlier, as it gets into some blazingly close encounters with the Kiev protesters. It is unclear who won however it is quite clear that at this point the proxy war in Ukraine between Russia/Gazprom and the European Union/US State Dept/Saudi/Qatar can be upgraded to "hot."
And the death and injury toll, which is rising by the hour:
  • 6 policemen dead
  • 6 protestors dead
  • Police HQ in Ternopli on fire
  • Police HQ in Lviv occupied
  • More than 150 injuries
Finally this:
  • KLITSCHKO ARRIVES AT YANUKOVYCH’S OFFICE FOR TALKS: REUTERS
In short: things have spiraled out of control, and the only possible outcome is another new all time high in the Spoos overnight.





Ukraine Slide Accelerates: AG Office Seized, Criminal Files Being Set On Fire; US To Hold Government Responsible


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Submitted by Tyler Durden on 02/18/2014 18:23 -0500

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It's getting form bad to worse in the Ukraine: either martial law will be announced any time soon or the proxy civil war becomes a real one. On the bright side, there is something to be said about having a nation's criminal cases all in paper format: once there is a revolution, everyone's slate gets wiped clean...

View image on Twitter
Maxim Eristavi @MaximEristavi
Lviv Attorney General office is seized, ppl setting on fire files w/ criminal cases
The Associated Press        ✔ @AP
BREAKING: Officials say 5 more people have died in Ukraine's capital, raising death toll to 18: http://apne.ws/1gfr04U 

Protesters clash with police in Ukraine's capital

KIEV, Ukraine (AP) — Thousands of angry anti-government protesters clashed with police outside Ukraine's parliament on Tuesday in a new eruption of
The Associated Press @AP
Kateryna_Kruk @Kateryna_Kruk
whole house of trade unions, HQ of is on fire...
 from Ukraine, Ukraine
The US is, naturally, stoking the metaphorical, and literal, fire.


Europarl2014 @2014Europarl
BREAKING: from this moment on, US holds Ukrainian government responsible for everything that happen - US Ambassador to RT

Why? Because as a reminder, in Victoria Nuland's own words, the US is the grand puppet master behind everything.



Deaths reported in Ukraine as thousands clash with police

February 18, 2014 8:14AM ET Updated 6:15PM ET
At least 13 are killed as protesters torch cars and police fire into a crowd in central Kiev
Topics:
 
Ukraine
 
Viktor Yanukovich
 
Russia

1 of 13
Fireworks explode near anti-government protesters during clashes with riot police on Independence Square in Kiev, Tuesday, Feb. 18, 2014 as clashes claim the lives of several protesters. Vasily Fedosenko/Reuters
Defiant protesters shouted "Glory to Ukraine" as burning tents lit up the night sky after thousands of riot police moved against the sprawling protest camp in the center of Kiev on Tuesday.
The police, armed with stun grenades and water cannons, attacked the camp after at least 18 people died and hundreds were injured in street clashes. The violence was the deadliest in nearly three months of anti-government protests that have paralyzed Ukraine's capital in a struggle over the nation's identity.
Opposition leader Vitali Klitschko urged the 20,000 protesters to defend the camp on Independence Square.
Early Wednesday morning, government agencies said seven police officers and 11 protesters have died in the violence.
Sviatoslav Yurash, spokesman of the opposition’s Euromaidan Movement, told Al Jazeera that the opposition headquarters has been set on fire: “This is not an armed insurrection of the opposition. this is just people trying to defend themselves against the indiscriminate actions of the government.”
Vice President Joe Biden reached out to the President of Ukraine to express the United States’ concern over the growing violence.
In a statement released to the media, Biden “made clear that the United States condemns violence by any side, but that the government bears special responsibility to de-escalate the situation.
“The Vice President further underscored the urgency of immediate dialogue with opposition leaders to address protesters’ legitimate grievances and to put forward serious proposals for political reform,” the statement continued.
The developments came as several thousand anti-government protesters clashed with police near the parliament building, torching vehicles and hurling stones, in the worst violence to rock the capital in more than three weeks.
Police responded by firing rubber bullets and stun and smoke grenades from trucks and from the tops of buildings, forcing the protesters back by several hundred feet. Klitschko called on women and children to leave the camp over fears of a possible police assault.
The rioting on Tuesday began after opposition leaders accused pro-government factions in parliament of dragging their feet on a constitutional reform that would limit presidential powers — a key opposition demand.
U.N. Secretary General Ban Ki-moon also appealed Tuesday for restraint and a "genuine dialogue" in the strife-torn country.
Ban was "extremely concerned" by the resumption of violence and urged "the renewal of genuine dialogue between all parties," his spokesman Martin Nesirky said.
According to multiple witnesses, at least 100 protesters have been injured, some gravely.
"Three bodies of our supporters are in (our) building. Another seven are close to dying," opposition lawmaker Lesya Orobet said on her Facebook page.
But the protesters showed no signs of letting up, prompting the government to threaten to take "grave actions" to forcibly end the protests.
"If unrest continues, we will be forced to take grave actions," Ukraine's Interior Ministry and state security agency said in a joint statement. "If unrest has not ended (within the next few hours), we will be forced to introduce order through all legal means."  
The renewed clashes piled more pressure on President Viktor Yanukovich to strike a deal with the opposition to reduce his presidential powers and defuse a 12-week crisis that has turned the city center into a fortified camp of resistance.
Inside parliament, where opposition leaders brought proceedings to a halt by blocking the speaker's tribune, Klitschko urged Yanukovich to take riot police off the streets to avert further "conflict in society."
"I am appealing to the president. Take the (riot police) and interior forces off the streets. Do this and it will provide a way out. It will be the decision of a real man," the boxer-turned-politician told reporters inside parliament. "We are not talking anymore about hours but about minutes."
Protesters marched to the parliament building to press the opposition leaders' calls for Yanukovich to relinquish what they call his dictatorial powers and his control of the economy. When they were blocked by a line of trucks about 300 feet from the building, they hurled stones at police, Reuters reported, and set three trucks ablaze with gas bombs. Ukrainian television said five protesters were hurt in the clashes.
As the clashes extended into early afternoon, protesters ransacked a nearby office of Yanukovich's Party of the Regions.
Yanukovich has battled the opposition-led street protests since he walked away from a trade pact with the European Union in November and opted for forging closer economic ties with Russia. The protests have since broadened into a revolt against perceived sleaze and corruption in his government.
On Tuesday, Russian President Vladimir Putin called on the opposition to talk with the government instead of relying on “threats and ultimatums.”
The protests have become a source of geopolitical tension, as the United States and its Western allies want Yanukovich to turn back to Europe and the prospect of an International Monetary Fund–supported recovery, while Russia accuses the U.S. and EU of overstepping.
German Foreign Minister Frank-Walter Steinmeier warned in a statement on Tuesday that the European Union could impose sanctions on Ukraine in response to the violence.
"Whoever is responsible for the decisions which [have] led to the bloodshed in Kiev and other parts of Ukraine should expect Europe to reconsider its position on imposing sanctions on individuals," Steinmeier said.









Venezuela.......



Venezuelan Authorities Detain Anti-Government Protest Leader - Live Feed


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Submitted by Tyler Durden on 02/18/2014 12:12 -0500

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As was expected, President Maduro's forces have detained Leopoldo Lopez - the leader of the anti-government protesters. Having earlier stated, "I present myself here, willing for my arrest to wake up Venezuelans," it appears Venezuelan authorities have stepped in...
  • *VENEZUELA'S LOPEZ SAYS HE HAS NOTHING TO BE AFRAID ABOUT
  • *VENEZUELA'S LOPEZ DETAINED BY NATIONAL GUARD IN CHACAITO
Despite the ongoing proclamations of "absolute calm" the streets (below) appear anything but with hundreds of thousands on the streets... and protesters are blocking the National Guard van that holds Lopez.




Lopez added...
“In Venezuela, there is no justice. This fight is for the students, for those jailed, for the people suffering scarcity, for those without a job, for the youth without a future.”
The van holding Lopez is being held back by protesters...




US support for regime change in Venezuela is a mistake

The US push to topple the Venezuelan government of Nicolas Maduro once again pits Washington against South America

A student takes part in a protest against Nicolas Maduro's government in Caracas, Venezuela.
A student takes part in a protest against Nicolas Maduro's government in Caracas, Venezuela on 4 February 2014. Photograph: Jorge Silva/Reuters
When is it considered legitimate to try and overthrow a democratically-elected government? In Washington, the answer has always been simple: when the US government says it is. Not surprisingly, that's not the way Latin American governments generally see it.
On Sunday, the Mercosur governments (Brazil, Argentina, Uruguay, Paraguay, and Venezuela) released a statement on the past week's demonstrations in Venezuela. They described "the recent violent acts" in Venezuela as "attempts to destabilize the democratic order". They made it abundantly clear where they stood.
The governments stated:
their firm commitment to the full observance of democratic institutions and, in this context, [they] reject the criminal actions of violent groups that want to spread intolerance and hatred in the Bolivarian Republic of Venezuela as a political tool.
We may recall that when much larger demonstrations rocked Brazil last year, there were no statements from Mercosur or neighboring governments. That's not because they didn't love President Dilma Rousseff; it's because these demonstrations did not seek to topple Brazil's democratically-elected government.
The Obama administration was a bit more subtle, but also made it clear where it stood. When Secretary of State John Kerry states that "We are particularly alarmed by reports that the Venezuelan government has arrested or detained scores of anti-government protestors," he is taking a political position. Because there were many protestors who committed crimes: they attacked and injured police with chunks of concrete and Molotov cocktails; they burned cars, trashed and sometimes set fire to government buildings; and committed other acts of violence and vandalism.
An anonymous State Department spokesman was even clearer last week, when he responded to the protests by expressing concern about the government's "weakening of democratic institutions in Venezuela", and said that there was an obligation for "government institutions [to] respond effectively to the legitimate economic and social needs of its citizens". He was joining the opposition's efforts to de-legitimize the government, a vital part of any "regime change" strategy.
Of course we all know who the US government supports in Venezuela. They don't really try to hide it: there's $5m in the 2014 US federal budget for funding opposition activities inside Venezuela, and this is almost certainly the tip of the iceberg – adding to the hundreds of millions of dollars of overt support over the past 15 years.

 But what makes these current US statements important, and angers governments in the region, is that they are telling the Venezuelan opposition that Washington is once again backing regime change. Kerrydid the same thing in April of last year when Maduro was elected president and opposition presidential candidate Henrique Capriles claimed that the election was stolen. Kerry refused to recognize the election results. Kerry's aggressive, anti-democratic posture brought such a strong rebuke from South American governments that he was forced to reverse course and tacitly recognize the Maduro government. (For those who did not follow these events, there was no doubt about the election results.)
Kerry's recognition of the election results put an end to the opposition's attempt to de-legitimize the elected government. After Maduro's party won municipal elections by a wide margin in December, the opposition was pretty well defeated. Inflation was running at 56% and there were widespread shortages of consumer goods, yet a solid majority had still voted for the government. Their choice could not be attributed to the personal charisma of Hugo Chávez, who died nearly a year ago; nor was it irrational. Although the past year or so has been rough, the past 11 years – since the government got control over the oil industry – have brought large gains in living standards to the majority of Venezuelans who were previously marginalized and excluded.
There were plenty of complaints about the government and the economy, but the rich, right-wing politicians who led the opposition did not reflect their values nor inspire their trust.
Opposition leader Leopoldo López – competing with Capriles for leadership –has portrayed the current demonstrations as something that could force Maduro from office. It was obvious that there was, and remains, no peaceful way that this could happen. As University of Georgia professor David Smilde has argued, the government has everything to lose from violence in the demonstrations, and the opposition has something to gain.
By the past weekend Capriles, who was initially wary of a potentially violent "regime change" strategy – was apparently down with program. According to Bloomberg News, he accused the government of "infiltrating the peaceful protests "to convert them into centers of violence and suppression".

 Meanwhile, López is taunting Maduro on Twitter after the government made the mistake of threatening to arrest him: "Don't you have the guts to arrest me?" he tweeted on 14 February:
Leopoldo López         ✔ @leopoldolopez
.@Nicolasmaduro: no tienes las agallas para meterme preso? O esperas ordenes de La Habana? Te lo digo: La verdad esta de nuestro lado
Hopefully the government will not take the bait. US support for regime change undoubtedly inflames the situation, since Washington has so much influence within the opposition and, of course, in the hemispheric media.
It took a long time for the opposition to accept the results of democratic elections in Venezuela. They tried a military coup, backed by the US in 2002; when that failed they tried to topple the government with an oil strike. They lost an attempt to recall the president in 2004 and cried foul; then they boycotted National Assembly elections for no reason the following year. The failed attempt to de-legitimize last April's presidential election was a return to this dark but not-so-distant past. It remains to be seen how far they will go this time to win by other means what they have not been able to win at the ballot box, and how long they will have Washington's support for regime change in Venezuela.


Bank Runs Spread To Thailand






















Thailand.......




Bank Runs Spread To Thailand


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Submitted by Tyler Durden on 02/18/2014 11:38 -0500

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Thailand's Government Savings Bank (GSB) president admitted that clients withdrew 30bn Baht (around $1bn) in a single-day last week and Bank for Agriculture and Agricultural Cooperatives (BAAC) and Krungthai Bank (KTB), although of a much smaller magnitude, have also seen withdrawal spikes of similar magnitude according to The Bangkok Post. The 'bank run' comes after speculation that cash at the state-run banks are being used by the government (which is in turmoil) to fund farmers (who have not received their 'promised' rice subsidies of over 130 bn Baht). Withdrawal requests are met with banks warning that there were insufficient funds at the time due to many depositors withdrawing cash. One depositor, rather ironically summed it up, "I started to feel concerned that my money may become only paper."

Via The Bangkok Post,
The deposit flight from the Government Savings Bank (GSB) is not out of fear for its financial stability but rather is a response tospeculation the state-run bank is involved in lending to the troubled rice subsidy of the Yingluck Shinawatra government.

Spikes in money withdrawal have also been seen at the Bank for Agriculture and Agricultural Cooperatives (BAAC) and Krungthai Bank (KTB), although of a much smaller magnitude.
The bank run comes after the Thai government's "rice-pledging" scheme - which
The rice pledging scheme, a key plank of the Pheu Thai Party’s winning platform in 2011, is proving to be the Achilles heel of Yingluck Shinawatra’s caretaker government.

Problems with the scheme, which offered farmers a price 40-50% higher than market prices, loomed shortly after it began in October 2011. The Yingluck government hoarded a large supply in state warehouses, wagering that global rice prices would rise.

The attempt to manipulate the market backfired as rice flooded the global market. The bad bet has left Thailand with a record stockpile, and the country has relinquished its crown as top rice exporter to India and Vietnam.

Thailand’s rice shipments in 2012 and 2013 totalled less than 7 million tonnes, down from 9-10 million tonnes in the past. The scheme is tarnishing the caretaker government, and things worsened when the National Anti-Corruption Commission last month announced a probe of Ms Yingluck’s role in the scheme after bringing formal corruption charges against two of her cabinet ministers.

...

With the huge stockpile and the government’s vow to buy every single grain, the rice subsidy is estimated to have caused losses north of 400 billion baht for the first two harvest seasons, quickly exhausting its 500-billion-baht outstanding budget.

In response, the government sought 180 billion baht from the BAAC to make advance payments to farmers.
And the current bank run was sparked when...
Due to the cash crunch, the Yingluck government delayed paying 130 billion baht to 1.4 million farmers — a core constituency of Pheu Thai. Ms Yingluck’s decision to dissolve the House last Dec 9 has obstructed the caretaker government’s ability to borrow more to pay farmers, as such borrowing could be ruled unconstitutional and leave banks open to charges of wrongdoing.

...

GSB president Worawit Chailimpamontri insisted during urgent press conferences yesterday and Sunday that the GSB has extended 5 billion baht to the BAAC as part of its existing 20-billion-baht credit line to the BAAC in the interbank market, and that the funds were not meant to fund the rice pledging scheme.

...
Even so, the lending has spurred rumours that it would be used to pay the government’s overdue debt to rice farmers.
Interbank borrowing is a channel that allows banks experiencing a glut of savings to lend to banks that are falling short of liquidity.

But both the GSB and the BAAC have surplus liquidity, said Dr Lalida, adding that such borrowing is considered a hidden deal.
The people are not happy that their deposits are being used this way...
“Such actions are deemed to help the government avoid legal restrictions,” said Lalida Veeravithayanant, a doctor at a local hospital, referring to the alleged loans.

She withdrew 800,000 baht from her two accounts at KTB a day after she learned the country’s biggest state-owned bank had approved short-term loans to existing customers who are rice traders and exporters taking part in government rice auctions.

Dr Lalida said it was a surprise when she requested a cash withdrawal at KTB’s branch in the Zuellig House building on Silom Road and was denied. The excuse given was that there were insufficient funds at the time due to many depositors withdrawing cash.

She also closed her savings account with the GSB after withdrawing 100,000 baht and redeeming savings certificates to the tune of 1 million baht after local media reported the bank had extended billions of baht in loans to the BAAC through interbank lending.

...

“The right way to solve the rice pledging problem is by selling rice to pay off farmers. The current method will create a distortion of the problem,” she said.
Simply put - the people no longer trust the banks...
“Being a state-owned bank, it must have responsibility,” she said. “Thebank cannot say it does not know what the BAAC will use the lending for. If so, how can the bank extend loans without any risk evaluation, and how can people trust the bank?”

Even though the irregular withdrawals from the GSB stemmed from depositors’ discontent over lending to the BAAC, fears from other depositors that they may not get their money back in full and immediately as requested could escalate — and the bank could be in hot water at that point.

“I withdrew 20,000 baht from my savings account at the GSB and redeemed another 180,000 baht in savings certificates, as I started to feel concerned that my money may become only paper like the farmers’ pledging invoices,” said another employee of an international company.
So - in summary - the government won an election by promising to pay rice farmers (a major part of Thailand's voting population) more money... soon after, the 'promise' was shown to be entirely false and now the government is using its banks (and thus other people's deposits) to make good on its 'promises' and to keep the rest of the people happy... sound familiar?

Thailand police and protesters clash fatally in Bangkok


Jonathan Head reports from amid the clashes in Bangkok

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At least four people have been killed and dozens injured in violence that erupted as Thai police began clearing protest sites in the capital, Bangkok.
Police were trying to retake official sites that have been blocked by demonstrators since late last year.
Meanwhile, Thailand's anti-corruption body said it would file charges against Prime Minister Yingluck Shinawatra over a controversial rice subsidy scheme.
Thailand has been embroiled in anti-government protests since November.
One of the dead was a police officer - one of about 15,000 that authorities say were involved. Several more were seriously hurt by a grenade apparently thrown by protesters. Police also claimed they were targeted by snipers.
Police too fired live rounds during the operation, which they say successfully reclaimed the first of five sites from protesters, nearly 200 of whom have been arrested.
Demonstrators have occupied official sites over the past few months, calling on the government to step down. The government has announced that it intends to retake all the besieged buildings this week.
The prime minister's office, Government House, has been a focal point for the demonstrators. Thousands gathered outside the building on Monday, cementing the gates shut in a bid to stop officials returning to work.
Thai policemen aim their weapons towards anti-government protesters during clashes near Government House in Bangkok, 18 February 2014Clashes erupted in central Bangkok on Tuesday
Thai anti-government protesters run from tear gas after police demanded they leave the area around the Government House in Bangkok on 18 February 2014Tear gas was used and gunfire could be heard in the capital
Anti-government protesters lift a police car after clashes with Thai riot police officers near Government House in Bangkok, 18 February 2014Protesters overturned cars and set up makeshift barricades
Early on Tuesday, police started negotiations with the protesters, who over the past few days have come in large numbers to defend protest areas. Violence then erupted near Democracy Monument in central Bangkok.

At the scene

image of Jonathan HeadJonathan HeadBBC News, Bangkok
At the old 18th Century Mahakan fort, flag-waving protesters yelled abuse at the police lines, 100m (330ft) away near Democracy Monument. I had arrived from Government House, where a similar stand-off remained tense but peaceful as the two sides tried to negotiate across sandbag barriers with megaphones.
The atmosphere at Pan Fah, the bridge next to the fort, was a lot more emotional. Earlier the police had managed to grab one well-known protest leader, Somkiat Pongpaiboon, one of more than 30 on their arrest warrant. He was somehow freed, but then gunfire and a grenade were fired at the police, killing one officer and injuring four.
The police attitude hardened. As shouting protesters, many masked and throwing stones, advanced, the police returned volleys of gunfire, the sound echoing off the buildings around us. Medics raced past carrying the injured on plywood boards. They tried frantically to revive one man, his eyes glazed, lying in a spreading pool of blood.
Then over the loudspeaker the police said they would pull back behind Democracy Monument if the protesters agreed not to follow. But it was too late for agreements. The crowd surged forward, dragging their makeshift barricades forward. There was another volley of police fire, another man injured, and then a sudden calm; dazed-looking people sat down, spoke on mobile phones and ate their lunches.
The Erawan Medical Center, which monitors hospitals, said that more than 60 people were injured.
Elsewhere, police reclaimed the besieged Ministry of Energy, with about 100 protesters arrested.
Until now, police had been reluctant to use force against the protesters, allowing demonstrators to enter government buildings in a bid to defuse tensions.
'Enemy of the people'
Also on Tuesday, Thailand's official anti-corruption commission said it would charge Ms Yingluck with improperly handling the government's rice subsidy scheme.
Ms Yingluck proceeded with the scheme despite warnings it was prone to corruption and could cause losses, the National Anti-Corruption Commission said in a statement.
The programme saw the government buying farmers' crops for the past two years at prices up to 50% higher than world prices.
The prime minister had been summoned to hear charges on 27 February, the commission added. Reports say she could potentially be impeached and removed from official duties.
Ms Yingluck leads a government that won elections in 2011 with broad support from rural areas.
The anti-government protesters want her to step down, and her government to be replaced by an unelected "people's council" to reform the political system.
They allege that money politics have corrupted Thailand's democracy and that Ms Yingluck is controlled by her brother, ousted leader Thaksin Shinawatra.
In response to the protests, Ms Yingluck called snap elections on 2 February, which her government was widely expected to win.
However, the polls were boycotted by the opposition and voting was disrupted by protesters at about 10% of polling stations, meaning by-elections are needed before a government can be formed.
The government is also unable to pay the rice farmers until a new parliament has convened.
On Monday, hundreds of rice farmers gathered in Bangkok, protesting against late payments.


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