Thailand prepared for impacts from euro crisis

BANGKOK, June 27 (TNA) - Thailand is on alert to deal with, probably, direct and indirect impacts from the ongoing European debt crisis. Deputy Government Spokesman Anusorn Iamsa-ad told a press conference that Thai Deputy Prime Minister Kittirat Na-Ranong, who is also Finance Minister, informed the Cabinet, at its weekly meeting Tuesday, that Cyprus had become the fifth countries seeking financial support from the US-based International Monetary Fund (IMF), due to the persistent euro zone debt crisis, after Portugal, Iceland, Greece and Spain, and Moody's Investors Service Inc., the US-based international credit rating agency, had also downgraded credit ratings of 28 Spanish banks. As a precaution to cope with the possible impacts on the Thai economy, though believed to be limited initially, Anusorn acknowledged that the Thai Cabinet gave a nod for the setting up of three panels to closely monitor the European debt crisis, with the first one chaired by Prime Minister Yingluck Shinawatra herself and its regular meetings scheduled for every two weeks, the second one comprising authorities of Thailand's all-nine-ministry Economic Council chaired by Kittirat with its regular meetings scheduled for once a week and the third one comprising authorities of the Ministry of Finance, the Bank of Thailand (BOT) and the National Economic and Social Development Board (NESDB) with its regular meetings set daily and weekly to review and report updates to the two other panels. According to the deputy spokesman, the euro zone debt crisis could directly affect Thailand through reduced Thai exports to Europe, or could indirectly affect the Thai economy through reduced exports of raw materials to the immense Chinese market, a key trading partner of Europe, with Thai industries most likely to be affected including the textile, automobile, electronics and jewelry sectors. (TNA)