It is probably the most unpopular job in the world. At least two other figures turned down offers to become Thailand's new Finance Minister before banker Kosit Panpiemrat reluctantly agreed to take up the post - while insisting he will only stay for a maximum of three months. It is not difficult to see why this is such a poisoned chalice. No sooner had Mr Kosit taken over than his position was undermined by a subordinate suggesting that the conditions set for the International Monetary Fund-led US$17.2 billion bailout were too strict and should be renegotiated.
Despite his insistence on a free hand as one of his conditions for taking on the portfolio, there is no reason to believe Mr Kosit will prove any more successful at resisting political interference than his predecessors. They both resigned in protest at the Government's refusal to back the tax rises needed to meet austerity targets. Already, he has been forced to appoint low-profile and relatively inexperienced figures to head the new body charged with restructuring Thailand's shaky financial system after the Cabinet insisted on being notified in advance about all decisions. That only further infuriated foreign bankers who had hoped for a powerful appointment with the political clout to resist pressure from the ministers and influential families who have a vested interest in allowing suspended finance companies to resume trading on more lenient terms. In such a climate, few are prepared to roll over loans to Thai companies and yesterday there were even threats of legal action.
Although Prime Minister Chavalit Yongchaiyudh has apologised for the flip-flop over austerity measures that prompted Mr Kosit's predecessor to quit, there is little cause for optimism that he will be any tougher in future. Despite a new constitution, the Thai Government has still not made the fundamental break with the past that is vital to getting its economy back on track.
This change may come in next year's elections, which will give the public a chance to register disgust with the corruption-plagued system. But it is doubtful whether the country can afford to wait so long, with Australia already threatening to withdraw its US$1 billion contribution to the bailout package and other countries likely to follow suit if the present uncertainty over the austerity measures persists.